Stuart Otway

Principal

My primary goal in working with clients in financial distress is to determine whether a strategy can be developed to restructure the business for long term viability. Many clients know the cause of their business’ problems but are not aware of the options available to them that can be used to restructure their business. I enjoy specialising in insolvency as I am exposed to a large number of different businesses in varying industries, each with a unique set of circumstances. I aim to provide advisory that is clear, concise and delivers a practical commercial solution.

Stuart is a registered and official liquidator with over 20 years’ experience in all types of insolvency administrations. He joined the firm in 2002 and has been involved in the administration of many businesses in the SME market and larger enterprises. Stuart has been responsible for many voluntary administrations a number of which resulted in the business continuing in operation, either through a restructure or sale on a going concern basis. He also has specialist skills in identifying recovery actions that may be taken to maximise returns to creditors

Experience

  • Stuart was instrumental in the restructuring of Price’s Bakery through the voluntary administration. This business employed more than 100 staff and had an annual turnover of $38m. Stuart assisted the directors to decrease operating costs to return the business to profitability.
  • Stuart was responsible for the sale of the business owned by Koala Telecom Pty Ltd as a going concern. This business had approximately 2,500 customers and provided both internet and mobile phone services.
  • Stuart assisted the receivers of Timber Tech Engineering Pty Ltd to achieve a sale of this business on a going concern basis. The business employed 47 full time staff and specialised in the manufacture and repair of equipment for the timber industry in South Australia. The sale on a going concern basis enabled a substantial return to be paid to the secured creditor. Stuart led the investigation into the demise of Carey Builders Pty Ltd and was responsible for the preparation of a detailed report to ASIC. This resulted in a successful prosecution by ASIC of the defacto director for acting in that capacity whilst bankrupt.
  • Stuart was responsible for the trading operations of a large plumbing contractor with 117 employees and an annual turnover of $31.5m. He assisted the administrators in negotiating the completion of major contracts, negotiating with potential investors and formulating a proposal for a deed of company arrangement. This enabled the company to complete the entire administration process in three months and continue in operation.
  • Stuart assisted the administrators of Pharmserve Pty Ltd, a company providing a variety of services (accounting, human resources, purchasing etc) to 39 pharmacies. A deed of company arrangement was accepted by creditors and Stuart identified a further claim against the director and former director which is currently being investigated. If successful, this claim should substantially increase the return to unsecured creditors.

Qualifications and memberships

  • Registered liquidator
  • Member, Australian Restructuring Insolvency and Turnaround Association
  • Fellow, CPA Australia
  • Member, Chartered Accountants Australia and New Zealand
  • Bachelor of Accounting – University of South Australia
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