Appointed Voluntary Administrator and then Liquidator to The Old Kiama Wharf Company Pty Ltd, a prominent seafood restaurant in Kiama NSW.
Prior to appointment, the Director of the Company transferred the Company's business and assets including a valuable crown lease to a related party, leaving company debts of $365,000 to priority creditors and $3.5 million to unsecured creditors.
After an extensive investigation into the Company’s affairs, proceedings were initiated to claw back the transfer as an 'uncommercial transaction' for the benefit of creditors. The court found the transaction to
be uncommercial and ordered the return of the business and assets which were subsequently sold for market value.
This case is now a leading authority in respect to uncommercial transactions.