ABOUT US OUR PEOPLE Ian Currie

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Ian Currie

Ian Currie

Principal,

When a client comes to me with a problem, I enjoy the challenge of identifying solutions that benefit the client and stakeholders. It is satisfying to improve the viability of an underperforming business where possible. I give all stakeholders an honest assessment often when they cannot see it, which involves telling the good, the bad and the ugly.

Ian is a registered liquidator with over 30 years’ experience in the area of distressed financial management, insolvency and corporate recovery. In January 2010, Ian joined the BRI Ferrier network and formed BRI Ferrier Southern Queensland. Prior to joining BRI Ferrier, Ian headed Currie Biazos Insolvency Accountants for five years and was a partner in a Brisbane based insolvency practice for four years. Prior to this, Ian worked with international firms Ernst & Young and Deloitte in Brisbane, and gained international experience working in Papua New Guinea, the UK, Latvia and Russia. Ian provides advisory on restructuring, voluntary administration, deeds of company arrangement, receivership, liquidation and investigative accountant assignments. He works predominantly with small to medium sized businesses and has extensive experience working with indigenous organisations. Ian’s experience extends across a broad range of industries including telecommunications, property, financial services, retail, tourism, mining, agribusiness, logistics and manufacturing.

Experience
  • Appointed voluntary liquidator of Steve Parish Publishing Pty Ltd, an iconic Australian educational, natural and wildlife photography and publishing business. After an exhaustive marketing campaign, Ian sold the business in its entirety, preserving an iconic Australian brand.
  • Appointed liquidator of Impact (Australasia) Fibre Container Industries Pty Ltd, a cardboard box and packaging manufacturing business. As liquidator, Ian secured the sale of the entire production plant to a Spanish cardboard box manufacturer, resulting in the repayment of a significant proportion of the secured creditor’s debt.
  • Appointed voluntary administrator to Albo Marine Pty Ltd, an aluminium boat manufacturer. After negotiating the terms of the deed of company arrangement with stakeholders, Ian successfully restructured operations and oversaw the company’s profitable trading for two years, while a percentage of profits were contributed to a deed fund for the benefit of creditors. Ian subsequently returned a profitable business back to the director’s control.
  • Appointed voluntary administrator by the board of directors of Coen Regional Aboriginal Corporation (CRAC) based in far north Queensland. CRAC ran several community projects, provided community services and owned and managed a large number of the community’s indigenous housing and commercial properties. Over a five year period, Ian developed and managed a deed of company arrangement which involved the identification and realisation of surplus assets, managing the rental of indigenous and commercial properties and administering government funding for municipal works, repairs and special projects in Coen and indigenous outstations. Over this period, Ian continually worked with the various Coen family clans, indigenous interest groups, lawyers and various State and Federal government departments. Successfully repaying 100 cents in the dollar to unsecured creditors, Ian anticipates returning control of the corporation to the board members in mid 2013 with key property assets intact.
  • Appointed voluntary administrator of Red Media Solutions Pty Ltd, a junior telecommunications company. Ian sold the business as a going concern, successfully satisfying the terms of the deed of company arrangement.
  • Engaged as an advisor to the administrator of Riga Commercial Bank, Latvia’s fifth largest bank, forced to close due to heavy losses on Russian securities. The bank was successfully restructured with financing from the European Bank for Reconstruction and Development (EBRD) and other international sources. Additionally, a number of investor banks wrote off large portions of their investment in the bank. Ultimately, the bank maintained its licence and renamed as First Commercial Bank of Latvia.
Qualifications And Memberships
  • Bachelor of Business (Accountancy) – Queensland University of Technology
  • Registered liquidator
  • Commissioner for Declarations
  • Member, Australian Restructuring Insolvency and Turnaround Association
  • Member, CPA Australia
  • Member, Governance Institute of Australia

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Insights by Ian Currie
Liquidators and the TGA – legislative and practical issues
Wed Dec 7Industry Insights

Liquidators and the TGA – legislative and practical issues

Liquidators can face significant issues when appointed over companies that operate under the licencing regime of the Therapeutic Goods Administration (TGA). The TGA is a Commonwealth Government agency administered by the Department of Health. It’s responsible for regulating the supply, import, export, manufacturing and advertising of therapeutic goods – which can range from biological products (like stem cells and cord blood) to medical devices (such as blood pressure monitors and MRI scanners).[1] It also issues licences to companies that handle therapeutic goods. The TGA operates in accordance with the Therapeutic Goods Act 1989 (Cth) (the Act) and the accompanying Therapeutic Goods Regulations 1990 (Cth) (the Regulations). The Act provides for controls relating to the quality, safety, efficacy and availability of therapeutic goods produced or used with Australia.[2]
Legislative issues for liquidators The main concern for external administrators appointed over companies that deal in therapeutic goods is the potential exposure of personal liability. Under the Regulations, the liquidator of a company holding a licence under the Act is deemed to be the holder of that licence.[3] The same is true for trustees in bankruptcy of a bankrupt licence holder.[4] The liquidator or trustee is also required to notify the TGA of their appointment within three months.[5] Liquidators are always concerned about criminal or civil liabilities that may arise for misconduct that may have occurred before their appointment, or of which they are unaware. As with most appointments, liquidators generally have little or no knowledge of an insolvent company’s previous practices. This is particularly true in highly specialised industries (such as therapeutic goods), where a liquidator relies on directors’ and employees’ cooperation after appointment. Unfortunately, however, the Act provides for serious criminal and civil penalties against licence holders for acts or omissions that breach conditions of the licence.[6] Liquidators should, therefore, exercise extreme caution when deciding whether to accept an appointment, to continue trading or to discuss the matter with key directors or employees. In fact, they should always consult with their insurance broker to ensure they’re covered by an existing or new policy.
Practical issues – the case of StemTech A liquidator’s issues don’t stop, however, just by ceasing to trade. They’re still responsible for an insolvent company – one that’s probably short of cash and unable to fund the short-term liabilities (such as rent, wages and supplier payments) that preserve the products covered by the TGA licence. In a recent matter, BRI Ferrier Brisbane was appointed liquidator of StemTech Pty Ltd (StemTech) which harvested and stored cord blood from mothers after giving birth. The cord blood was processed and frozen by StemTech using liquid nitrogen (with any change in storage temperature potentially causing the blood to spoil). Upon our appointment, StemTech had arrears in rent, electricity, liquid nitrogen, blood storage containers, couriers and other suppliers required for products or services to preserve and protect the integrity of the company’s biological products. It also owed payments to key employees who were told they were out of a job and may have to wait months to receive their entitlements from the Federal Government. Cooperation from these parties was even less likely once the liquidator explained there was no cash available until assets were sold and/or debtors collected (and the debtors may have refused to pay until guaranteed the integrity of their biological products). Situations like these are not unusual to liquidators and are the reason the Corporations Act 2001 (Cth) includes provisions such as section 545 (which ensures a liquidator is not liable for expenses unless property is available to meet those costs) and section 568 (which allows a liquidator to disclaim property). The bad news is that it’s not clear how these provisions interact with those of the Therapeutic Goods Act. Common sense suggests that, if a liquidator with no funds is unable to reach a suitable agreement for the sale or transfer of a company’s biological and therapeutic goods, he or she would be justified in disclaiming and surrendering the assets to the appropriate authorities. In StemTech’s case, while this approach may be justifiable, the therapeutic goods were stored by parents in the hope that the stem cells contained within the cord blood might be used to treat current or future diseases that inflict them or their children. Public outcry would undoubtedly follow if a liquidator was identified as the person who allowed biological products to spoil by not personally funding essential preservation costs. Such controversy would bring adverse attention to the liquidator’s practice and would, in turn, potentially trigger legal action by the TGA and by parents storing their child’s cord blood. The TGA has no fact sheets or guidance for liquidators in such situations. It’s therefore prudent for liquidators to seek directions from the court before making decisions that affect the life of the biological products.
Sale and transfer issues Even when a liquidator can negotiate deals with relevant parties and arrange a sale of the company’s assets and/or the takeover of its business, their problems don’t always immediately cease. It’s difficult to escape exposure to liability from pre- and post-liquidation practices. A liquidator is therefore well advised to write exhaustive ‘exclusion of liability’ clauses into sale agreements, with respect to the integrity of the biological products (even though such products may not be sold, as the company would have no title to them). Also, if a business purchaser requires the removal and transport of storage facilities and biological products, the liquidator should seek to transfer the liability for related problems to the purchaser, and possible indemnification for losses that arise. This transfer of cord blood products may require specialised equipment and be time-consuming. It should, therefore, be factored into sale agreements. In addition, a liquidator should keep the TGA apprised of each step in writing. In the matter of StemTech, we negotiated the sale of relevant assets to a competitor who was required to assume liability for holding costs. It was also required to accept responsibility, with the TGA’s approval, for the specialised transport of assets housing the cord blood products to their interstate premises. In negotiating the sale, the cord blood of over 2,000 children was preserved, adverse publicity to the therapeutic goods industry was averted, and potential further liabilities to StemTech and the liquidator were avoided. Download this industry insight.

[1] Therapeutic Goods Act 1989 (Cth) s 3 (definition of ‘therapeutic goods’).
[2] Ibid s 4(1).
[3] Therapeutic Goods Regulations 1990 (Cth) s 22(3)(a).
[4] Ibid s 22(2)(a).
[5] Ibid ss 22(2)(b), 22(3)(b).
[6] See, eg, Therapeutic Goods Act 1989 (Cth) ss 35B, 35C.