Background
On 21 June 2019, Dermott McVeigh was appointed liquidator of Swissclinical Australia Pty Ltd (In Liquidation), which traded as Spotme Drycleaners, a dry cleaning business with four locations in Perth. With no funding to allow the stores to remain open, the decision would normally have been to immediately cease operations.
Role
Liquidator
Outcome
Avior approached another larger drycleaning business the day of the appointment and was able to agree on terms for Spotme Drycleaners to
a) continue trading under a licence agreement, and
b) transfer as a going concern, with jobs intact. This outcome was achieved without any disruption to operations and set the stage for a dividend to priority creditors.
Key ideas
Licence agreement
Sale as going concern
Dividend to creditors
Jobs saved
