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Appointment details

Appointment type Receivership
Appointment date 11 February 2016
Appointees Ryan Eagle, Morgan Kelly
Office Sydney

Companies subject to administration

Company ACN
ACN 009 161 522 Limited (formerly SubZero Group Ltd) ACN 009 161 522
ACN 153 511 212 Pty Ltd (formerly SubZero Holdings Pty Ltd) ACN 153 511 212
SubZero Labour Services Pty Ltd  ACN 163 567 066
Harness Master Writing Systems (NSW) Pty Ltd  ACN 153 272 103
ACN 104 903 139 Pty Ltd (formerly DMST Pty Ltd) ACN 104 903 139
ACN 111 133 156 Pty Ltd (formerly SF Auto Australia Pty Ltd)  ACN 111 133 156
ACN 153 511 445 Pty Ltd (formerly DPS Newco Pty Ltd)  ACN 153 511 445
ACN 153 542 244 Pty Ltd (formerly Hydraulic Isolator & Safety Technology Pty Ltd)  ACN 153 542 244
ACN 133 463 439 Pty Ltd (formerly SubZero Mining Services Pty Ltd) ACN 133 463 439
ACN 111 135 543 Pty Ltd (formerly  SubZero Automotive Pty Ltd)  ACN 111 135 543
ACN 097 757 036 Pty Ltd (formerlySubZero Line Boring Services Pty Ltd) ACN 097 757 036
Industrial drill

KPMG contact

Martie Livanos
mlivanos@kpmg.com.au
+61 2 9295 3974

Luke Meany
lmeany@kpmg.com.au
+61 2 9346 6066

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Background information

Ryan Eagle and Morgan Kelly were appointed as Receivers and Managers (“Receivers”) to the assets and undertakings of the SubZero Group (see above) on 11 February 2016. Voluntary Administrators were also appointed on this day.

Company details

The Group is a leading mining services business based in the Hunter Valley, which provides structural, mechanical and mining support services.

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Outcome of the Receivership

Sale of Harness Master Wiring Systems (NSW) Pty Limited
The Harness Master business provided quality wiring solutions to the mining, agricultural and transport industries and offers a variety of products and services ranging from complete wiring design and installations to customised parts, manufacturing and supply.

The Subzero Group held a franchise licence to establish and operate the business in NSW. The Harness Master NSW business was sold in August 2016 as a going concern back to the franchisor and continues to operate in NSW building on the well established reputation and client base developed by SubZero Group.

Sale of interest in Moranbah Joint Venture
Subzero Group was the 50 percent shareholder of a light vehicle mechanical business located in Moranbah, Queensland. The sale of the SubZero Group did not include the interest in the Moranbah Joint Venture business. Interest was expressed from the other 50 percent shareholder who managed and operated the Moranbah Joint Venture business and following negotiations, an offer was accepted for the purchase of the Subzero Group 50 percent shareholding. A share sale agreement was executed and settled at the end of August 2016.

Sale of the SubZero Group
The businesses and assets of the Subzero Group (excluding the Subzero Groups’ Labour Hire division and Harness Master business and the 50% interest in the Moranbah Joint) was successfully sold in September 2016 to Management Resource Solutions Pty Limited (MRS).

MRS is a provider of technical and strategic services in the oil & gas, construction and resources industries. MRS was formed in 2007 and has since established itself as a market leading project management service provider. Listed on the London Stock Exchange’s AIM Market, MRS offers a diverse range of services whilst specialising in project management, contract personnel and systems. MRS is ISO 9001 quality assured and focused on delivering high quality services, with emphasis on establishing mutually beneficial long-term relationships with its clients.

Closure of the Labour Hire Business
SubZero Labour Services Pty Limited (“SubZero Labour Services”) held a supplementary Labour Hire Contract with Bengalla Mining Company. During the receivership, the Bengalla Mining Company advised SubZero Labour Services to retender for the provision of Supplementary Labour hire.

The result of this tender process was that the contract was provided to another provider from 1 October 2016 and all SubZero Labour Services employees who were employed as part of this supplementary Labour Hire Contract were made redundant effective 30 September 2016.

Voluntary Administration
On 14 November 2016, pursuant to Section 439A of the Corporations Act 2001, the creditors resolved the following:

  • With respect to the Listed entity, ACN 009 161 522 Pty Limited (formerly known as SubZero Group Limited), to execute a Deed of Company Arrangement and appoint Mr Nikitins and Mr Campbell-Wilson Joint (“Deed Administrators”) and Several Deed Administrators; and
  • With respect to the remainder of the SubZero Group, creditors resolved to wind up the entities and appoint Mr Nikitins and Mr Campbell Wilson (“Liquidators”) as Joint and Several Liquidators.

ACN 009 161 522 Pty Limited (formerly known as SubZero Group Limited) – Effectuation of DOCA
The conditions of the Deed of Company Arrangement (“DOCA”) have all been satisfied and the DOCA was wholly effectuation on 24 October 2017. Accordingly, the Listed entity, ACN 009 161 522 Pty Limited (formerly known as SubZero Group Limited) has exited External Administration and the control of the Company was passed to the Company Directors.

Contact details for the Liquidators:

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Support

Coping with the emotional impact of financial distress.

Beyond Blue

beyondblue offers some useful resources for people struggling with the emotional impact of financial distress.

The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636

Lifeline

Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)

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