G+T has advised Barry Wight and Jeremy Nipps of Cor Cordis in their capacity as voluntary administrators and deed administrators of gold mining business, Adaman Resources, and six of its subsidiaries.

Adaman Resources, and six of its subsidiaries, was placed into voluntary administration on 1 May 2021 after undergoing issues with ore quality, delays to capital investment projects and the effects of COVID-19.

The matter was complex involving significant and challenging litigation in the Western Australian registry of the Federal Court of Australia which, amongst many other issues, involved a challenge to the validity of the administrators’ appointment. The G+T team was able to steer the administration to seven favourable judgments from the Court in a span of under three months, ultimately securing orders from the Court that the administrators were justified in entering into the deed of company arrangement that was approved by creditors at the second creditors’ meeting, enabling the sale of the Adaman business.

The sale was structured through a deed of company arrangement and creditors’ trust allowing the continuation of the businesses and the preservation of approximately 77 jobs. The sale followed a substantive Expression of Interest Campaign where 18 non-binding indicative offers were received.

The matter was led by Restructuring + Insolvency partner Peter Bowden, with assistance from lawyers Becci Cartoon, Megan Lowe, Christopher Ashen and Nikita Goodwill, each of whom played an instrumental role in completing the transaction. The Restructuring + Insolvency team was given first-class support from G+T’s Perth Disputes + Investigations team, led by partner Tim O’Leary with assistance from special counsel Patrick Tydde, lawyer Jamie Ammendolea and graduate Claudia Russo.

Peter Bowden commented “We are very pleased to have assisted Cor Cordis in this complex and delicate administration and thrilled to have been able to facilitate the sale to the proponent to ensure the continuation of these critical mining assets preserving numerous jobs. This outcome could not have been achieved without the seamless cross-country efforts of the G+T and Cor Cordis teams.”

Gilbert + Tobin’s Restructuring + Insolvency team is recognised by all major legal directories. Gilbert + Tobin was awarded Restructuring & Insolvency Law Firm of the Year (Australia) 2021 and 2020 by Global Law Experts and won Insolvency & Restructuring Deal of the Year at the 2020 Australasian Law Awards.

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