When advising a person in financially distressed circumstances such as a director of a company or an individual facing bankruptcy, my philosophy is to tell the truth including the upside and the downside of the action being contemplated.
Alan is a registered and official liquidator, a registered trustee in bankruptcy and a founding principal of BRI Ferrier with 35 years’ experience in insolvency and corporate recovery. Prior to forming BRI Ferrier, Alan worked under its precedent, BRI Partners Adelaide. As Alan has concentrated his career in Adelaide, he has vast insight into the local market including a comprehensive understanding of its trends and challenges. A specialist in personal insolvency, Alan also provides company insolvency, business recovery, and investigative accountant services. He predominantly works with small to medium-sized businesses across the agribusiness, logistics, manufacturing, property, retail and tourism & hospitality industries.
- Appointed voluntary administrator for MWS Engineering, a steel fabrication company. Alan continued to manage the business until the deed of company arrangement was accepted by creditors. Acceptance of the deed was crucial to maintain the directors’ buildering licence. He conducted an extensive examination of proofs of debt to adjudicate the claims of the head contractors on several building projects. Following the settlement of these claims, a dividend to creditors was declared. On acceptance of the deed of company arrangement control of the company reverted to the directors.
- Appointed trustee of the bankrupt estate of a respected Australian businessman who was involved in several hundred Australian and international companies and who owed $35 million to creditors. Extensive investigations and examinations were conducted which proved all of the bankrupt’s assets were pledged as security to various financiers and the trusts involved were properly constituted and unable to be attacked by the Trustee.
- Appointed trustee of the bankrupt estate of a deceased estate – a highly uncommon form of appointment. Alan realised available assets and paid a sizeable return to creditors.
- Took a bank appointment as the receiver and manager of certain entities within the Golden Chef Group, a mobile catering service. As receiver and manager, Alan allowed the business (under a different entity) to continue to trade. He ultimately secured the sale of the respective entities and repaid a portion of monies owing to the bank.
- Appointed trustee of a bankrupt estateby one of Australia’s major trading banks. The bank had pursued the bankrupt, a farmer on the Yorke Peninsula with extensive property interests, for debts for over 10 years. After examining the financial records of the bankrupt, his family and associated entities, Alan negotiated a settlement with the family members which consequently allowed them to retain the family farm while providing a significant return to the bank.
- Appointed trustee of the bankrupt estate of an individual bankrupted by the ATO who was concealing his true financial position behind a complicated network of trusts. After extensive investigations into the records of the bankrupt and his family, Alan proceeded to take action as per the trust busting provisions of the Bankruptcy Act 1966 which led to monies owing to the ATO being successfully repaid.
- Appointed liquidator to SA Ships, a ship building company. On appointment, Alan conducted an investigation of the financial records which uncovered that SA Ships had continued to trade while insolvent. Of the five liable directors, Alan secured settlements with four of them. Alan then led the prosecution of Scott v Williams and Anor which judged the fifth director guilty of insolvent trading. Alan appealed the payout figure that was awarded by the judge and the matter was ultimately settled through mediation. At the time, this was one of the most significant insolvent trading claims in Australia.
- Appointed as joint receiver of a shopping centre in 2009. The centre had recently been opened, even though some aspects of the centre’s construction were not yet complete. In addition the anchor tenant was in occupation without a formal lease and had a list of defects which they required to be rectified before they would negotiate a formal lease. Over a period of time we successfully negotiated the formal lease with the anchor tenant, resolved a number of deficiencies in the leases with other tenants and placed the property on the market in early 2014. The property was marketed on a national basis and at auction achieved approximately $800,000 above the reserve price. In addition to the secured creditor receiving regular payments towards interest over the period, the secured creditor was repaid its entire principal, the balance of its interest at normal rates and a contribution towards the default interest incurred.
Qualifications and memberships
- Registered and official liquidator
- Registered trustee in bankruptcy
- Fellow of Chartered Accountants Australia and New Zealand
- Member, Australian Restructuring Insolvency and Turnaround Association
- Member, Australian Institute of Credit Management
- Bachelor of Arts in Accountancy