Receivership of Broadacre Cropping Properties
FTI Consulting Director Hugh Campbell managed the sale of assets in the receivership of a portfolio of 15 broadacre cropping properties engaged in cereal and oil seed production. The properties covered approximately 27,000 hectares of land on the Eyre Peninsula of South Australia.
- Shortly after the completion of harvest, receivers were appointed to the company which owned four separate cropping aggregations, comprising a total of 15 properties, throughout the Eyre Peninsula of South Australia.
- The receivership required the sale of three classes of assets; plant and equipment, stored grain and the properties themselves.
- Mr. Campbell carried out initial visits to all properties to establish a trading/sale strategy and to determine which of the company staff were necessary going forward.
- An independent expert was engaged and utilised to assist in the sale of the grain which was held both on-farm and in local grain receival silos.
- Independent marketing agents and valuers were engaged to assist in the sale of the properties, plant and equipment. This process was complicated by the volume of heavy machinery and the broad geographic coverage and remoteness of the properties (split into four aggregations of varying soil and production capacity).
- Mr. Campbell worked with appointed marketing agents to produce a series of in-depth information memorandums detailing each of the properties.