Hamilton Locke advised Brett Lord and Jonathon Colbran of RSM Australia in their capacities as voluntary administrators of Balthazar Whisky Distillers Pty Ltd (Balthazar) on the restructure of the whisky business, pursuant to a deed of company arrangement (DOCA).
Balthazar formed part of Sovereign Brands, a US-based wine and spirits brand with products available in more than 80 countries around the world. Balthazar was established as a whisky distillery business, which had developed and distilled a significant quantity of liquid whisky using unique Australian ingredients for international distribution.
Brett Lord and Jonathon Colbran were appointed as voluntary administrators on 19 December 2024 by the directors of the company. The administration was funded by Sovereign Brands.
Soon after their appointment, the administrators conducted a marketing and sale process in respect of the company’s business and assets, receiving significant interest from a number of interested parties. The second meeting of creditors was adjourned for up to a period of 45 business days in circumstances where the administrators were juggling competing offers – none of which were capable of acceptance at that time. Ultimately, a DOCA was proposed by an entity associated with Paramount Liquor, which was recommended by creditors and subsequently approved at the resumed second meeting of creditors on 8 April 2025. The DOCA was executed on 2 May 2025.
The DOCA contemplates the Proponent acquiring all the shares of Balthazar, subject to the Deed Administrators obtaining the consent of the company’s holding company in accordance with section 444GA of the Corporations Act 2001. Pursuant to the DOCA, creditors will receive a better return than they would have in a liquidation scenario.
Hamilton Locke continues to act for Brett and Jonathon as deed administrators of the DOCA.
The Hamilton Locke team that advised RSM Australia was led by Head of Restructuring and Insolvency, Nicholas Edwards, with support from lawyers Nimrod Amanuel and Chanse Soth.
Congratulations to all involved, especially Brett Lord, Jonathon Colbran and the broader RSM Australia team.
