Restructuring and Insolvency (R&I) National Practice Group Leader Timothy Sackar led our team advising FTI Consulting partners (John Park, Ben Campbell and Kelly-Anne Trenfield, who were appointed as joint and several voluntary administrators of CLH on 29 June 2022) on all aspects of the administration and sale process, including the negotiation and entry into a deed of company arrangement (DOCA) to effect the sale of the business.
Timothy was supported by Brisbane-based R&I partner Brett Cook together with their respective teams, which included notably special counsel Jillian Robertson, senior associates Madeleine McCloy and Stephen Hurford, and lawyer Marcus Carlei.
The sale process resulted in the administrators entering into binding transaction documents, which included the entry into the DOCA with Credit Corp Group as the successful bidder on 21 September 2022. This was a complex transaction, involving:
- transaction implementation using section 444GA of the Corporations Act 2001 (Cth) (the Act);
- obtaining relief from ASIC from the operation of the takeover provisions in Chapter 6 of the Act; and
- ensuring Collection House continued to trade throughout the administration.
The transaction's successful implementation sees CLH delisted from the ASX and the business continuing to trade under new ownership.
Collection House is a debt collection provider which purchases and manages receivables on behalf of its customers.
