Kott Gunning recently hosted an emergency briefing for clients about the RCR Tomlinson collapse.
Partner Tom Darbyshire covered a lot of ground with Travis Kukura of RSM Australia giving attendees important insights into the administrator's perspective.
A COUPLE OF KEY TAKEAWAYS FROM THE SESSION:
- When dealing with the administrators, remember that they have to quickly do a big, complex job, where they will become personally liable for company expenses. In other words they can lose their house if they get it wrong. They won't make decisions that might expose them personally.
- Property owners (other than land) – if RCR had possession of your gear, and the administrators won't return it, there could be many reasons for this. Best case scenario, it is just taking them a while to verify that it belongs to you, and you will get it back when this is done. Worse case scenario, you had an unperfected security interest, and the property now belongs to the company. Get advice right now.
- Contractors and suppliers – you also need to get advice before you attempt to terminate contracts with RCR. Just because they have gone into voluntary administration doesn't mean you should, or can, terminate a contract with them.
Creditors control the voluntary administration process.
If you think that RCR owes you money, get onto the portal on McGrathNicol's website and register your claim. That way you can attend the first creditor's meeting in Perth at the Duxton Hotel on Monday, 3 December 2018 at 10.00am.
Register your interest
Kott Gunning will be holding a follow up client briefing in a couple of weeks. To ensure you are kept up to date with developments, we suggest you register your interest at events@kottgunn.com.au and follow the speaker Tom Darbyshire on Linkedin.
