Maddocks acts for administrator in Rapid Loans refinancing
Maddocks has advised Deloitte on its role as the administrator of a subsidiary of personal lender Rapid Loans Group.
Rapid Loans Group provides loans to personal and business customers and has been operating in Australia and New Zealand for 10 years.
Deloitte was appointed administrator of Rapid Securities Ltd, part of the Rapid Loans Group. By way of deed of company arrangement, Rapid Securities Limited was able to restructure its position and obtain $50 million of new capital from fund manager, Dinimus Capital.
Restructuring and insolvency partner Danielle Funston led the Maddocks team on the matter, which included special counsels Scott Mannix and Sam Kingston.
'This matter is a good example of how the administration process can assist companies to recapitalise in order to meet shareholder and customer demands into the future,' Danielle said.
Editor note:
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the education, government, healthcare, infrastructure and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
For more information:
Jason Silverii
Communications Manager
Tel: 3 9258 3509
Mobile: 0407 618 058
[email protected]
Keep up to date with our legal insights and events
Sign upRecent articles
Maddocks advise listed cyber security and cloud provider AUCloud
Maddocks has advised listed cyber security service Sovereign Cloud Holdings Ltd (ASX:SOV) on its $30m capital raising
Maddocks advises on new land transaction for Satterley
Maddocks has advised Australia’s largest private residential developer, Satterley, on its acquisition of a new site.
Maddocks expands national IP practice with the appointment of new Special Counsel
Maddocks has appointed Elizabeth Ireland as a new Special Counsel to lead its growing national trade marks and brand...
Maddocks advises Ultra Violette on new US investment
Australian skincare brand Ultra Violette and its founders were advised by Maddocks on its new partnership
Partner
Sydney