What was the situation? 

National Art Materials Pty Ltd (NAM) has been one of Australia’s premier wholesale art suppliers for over 30 years.

As a result of a grouping payroll tax liability, NAM was placed into liquidation by the Supreme Court of Victoria, and we were appointed liquidators for the purposes of the winding up.

On our appointment, we quickly attended NAM’s principal place of business which revealed that NAM was trading and employing a team of 12.

What was our strategy?

Following an urgent assessment of the financial position and ongoing viability of NAM, we initiated a strategy to continue trading the business whilst we undertook an accelerated sale campaign of the company’s business and assets.

What was the outcome?

Our strategy yielded a trading profit, a management buyout of the company’s business and assets, along with the preservation of 12 jobs. In addition, the secured and priority creditors of the company were paid out in full and unsecured creditors are expected to receive a dividend.

Claudio Trimboli, Founding Director, Charles & Co commented:

“We are pleased to have been able to save a premier art supplier business, preserve 12 jobs and generate a positive outcome for all involved. As always, Charles & Co will aim to save businesses and jobs where possible”

How can Charles & Co. help you?

Our Team with more than 50 years combined experience is well placed to help businesses in a range of challenging and distressed situations. We encourage anyone experiencing financial and/or operational distress to contact us to discuss your options.