Background

  • The company was placed into liquidation late September 2012 by ATO
  • The director had engaged an unregulated pre-insolvency advisor
  • Creditor claims had exceeded $500,000
  • One month prior to liquidation, a similarly named company was set up by the director

The challenge

  • The director received improper advice to “sell” the assets to himself to be used in his new company without paying for them

How Pilot helped

  • We recovered $35,000 from the director for the assets sold which resulted in a small return to priority creditors
  • We ensured the director was able to keep the assets purchased and continue trading his new company

In summary

This was a win-win situation for all parties as the director was able to continue operating his new business with the assets purchased and the company’s creditors received a small return.

To learn more contact Nigel Markey, Ann Fordyce  or Brad Hellen from our Restructuring division on (07) 3023 1300.