Ardenberg Pty Limited

Background

Ardenberg acted as trustee of various trusts which owned numerous properties and operated an IGA supermarket in Kalgoorlie, Western Australia. The company went through a voluntary administration, deed of company arrangement and subsequent liquidation.

Difficulties

Difficulties faced during the external administration included the following:

• The remoteness of the supermarket business. 
• The onset of COVID-19 and Government restrictions and the impact that it had on the company’s commercial premises. 
• The various assets of the company available for sale and organising the timing of sales to achieve the best outcome of all stakeholders.

Key Outcome

• The profitable trading and ultimate sale of the supermarket business, resulting in the continuation of employment for the store’s employees and the uninterrupted supply of a supply of a vital service to one of Australia’s largest gold mines, just prior to the onset of COVID-19 and Government restrictions.
• The recovery of over $1M in supplier overpayments which were overlooked by the company prior to the external administration and uncovered as a result of our investigations.
• The sale of the company’s multiple commercial premises, resulting in a return to the company’s secured financiers. 
• A return to the company’s employees for their entitlements (including superannuation).
• A partial return to ordinary unsecured creditors of the deed of company arrangement.

Our Strategy

To maximise the return to all creditors of the company, the continuation of employment for the supermarket employees and the continuation of a vital service to the local community.