George Divitkos

Consultant

In my 30 years as a chartered accountant specialising in business recovery and insolvency, my aim has been to assist stakeholders to achieve the best outcome possible in a respectful manner, notwithstanding the difficult circumstances businesses and their directors sometimes find themselves in.

George is a registered and official liquidator, having practiced in the area of business recovery and insolvency for more than 30 years. With broad based experience in all aspects of accounting and finance, George has been providing services ranging from business reviews and workouts, to both formal and informal appointments over distressed businesses.

George has experience working in a wide range of industries including primary production, hospitality, retail, services, rural manufacturing, property, construction and health. In addition to taking formal appointments such as receiverships, voluntary administrations and liquidations he has had significant experience in reviewing businesses to assess their financial viability/solvency, including financial analysis and cash flow forecasting.

George has also been involved in restructuring of complex corporate groups in order to simplify structures in a tax and cost effective way. George has also had secondments to the National Credit Management Unit of the State Bank of South Australia with a view to resurrecting some of its major distressed accounts as well taking a role as acting Financial Controller of Great Southern Rail after its privatisation.

Experience

  • Appointed liquidator of Riverland Fruit Co-operative which involved significant and complex legal actions. Achieved 100c in the dollar return to creditors and interest and a small dividend to shareholders.
  • Appointed receiver of a Panasonic office machine outlet. Achieved a successful going concern sale of the business resulting in a partial return to the secured creditor.
  • Appointed receiver and manager of a privately owned citrus processing plant. Successfully traded the business for a period of time and achieved a full pay out to the financier.
  • Appointed voluntary administrator and deed administrator of the Cockatoo Ridge Wines group of companies. The appointment involved complex legal matters resulting from the number of companies in the group structure. Achieved a partial return to the secured creditor.
  • Appointed liquidator of EzyDVD which required complex and detailed insolvency and transaction analysis. This resulted in the achievement of significant preference recoveries. A significant return to the secured creditors was also achieved following the attainment of court direction clarification regarding the secured creditors entitlement to subrogate as a priority creditor for entitlements paid.
  • Conducting numerous business reviews and workout assignments with some resulting in a turnaround of the businesses and ongoing and profitable trading.

Qualifications and memberships

  • Registered and official liquidator
  • Fellow of Chartered Accountants Australia New Zealand
  • Member, Australian Restructuring Insolvency and Turnaround Association (ARITA)
  • Former director of ARITA
  • Former committee member and chairman of the SA & NT Division of ARITA
  • Member, Australian Institute of Credit Management
  • Member of the Australian Institute of Company Directors
  • Bachelor of Economics
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