News, Restructuring & Insolvency
Positive in sea of negative found – Avior Consulting finds buyer for dry cleaning chain the same day it is appointed liquidator
Avior’s vison is finding the positive in a sea of negative. A recent winding up appointment created an opportunity for us to demonstrate that the positive can indeed be found.
On 21 June 2019, Dermott McVeigh was appointed liquidator of Swissclincial 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. However, 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.