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Argentina means "silvery land"

Automotive

Type of assignment: Voluntary Administration / Deed of Company Arrangement

Region: Australia
RSM firm: RSM Bird Cameron, Australia
RSM contact: David Kerr

Company Circumstances

The company was the sole importer and distributor of MG and Rover motor vehicles in Australia. Its other operations included a dealership, spare parts business, and technical support to dealers and repairers. The company was placed in voluntary administration following the collapse of the MG Rover group.

Scope of the assignment

RSM was appointed to undertake the realisation of the motor vehicle stock and facilitate the payment of the secured creditor and unsecured creditors.

Outcome

RSM carried out the sale of the motor vehicle stock and spare parts operation. A deed of company arrangement was executed securing the repayment in full of the secured creditor, paying a return to unsecured creditors, and paying a contribution to the owners of MG and Rover vehicles towards the cost of purchasing a warranty product for their vehicles.