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.
'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.
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.
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