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Financial Services
Despite being highly regulated, the Australian financial services sector has a history of insolvencies, particularly during periods of market volatility.
Key Challenges
- Australia’s open banking platform and traditional four pillar banking system has created one of the most stable regulated banking payments systems in the world. What we lack in scale is made up for in our ability to create new and unique payment programmes, which make us market leaders. This is not without its challenges. The BNPL sector grew on the back of consumer demand in the past few year but has now seen a rapid decline as interest and inflation risk create consumer uncertainty.
- The financial planning market which saw consolidation into the main banks to cross sell products has resulted in sales and demergers in the wake of the Banking Royal Commission, weighing on net interest margins and causing industry profit margins to fall over the past five years.
- Business confidence, consumer sentiment, residential property market conditions and global growth prospects will likely dictate the financial services industry’s performance. Overall, the industry’s outlook is forecast to be positive over the next five years, with industry revenue forecast to grow at an annualised 7.8% over the next five years through 2026-27, to $269.5 billion.
Our Experience
Olvera principals have worked on a number of high profile financial restructures, including the solvent wind down of Babcock & Brown, the first Deed of Company Arrangement on Lehmans Australia and the acquisition of securities brokerage
Our affiliate Olvera Capital is an authorised representative under AFSL 519985 to provide general advice and debt advisory.
Case Studies
that raised funds to fund property-backed secured commercial loans. The total loan portfolio had a book value of over $100mill on the date of the appointment as liquidators. Our role was to undertake a realisation strategy for each of the loans in the portfolio, many of the underlying security properties were partly completed and in some cases construction building work had stopped some years ago due to the lack of funding.
As Liquidators, we commenced actions concerning negligence claims against valuers on eight loans. We successfully commenced claims for indemnity in relation to capital insurance. As a result of the above actions, approximately $20mill has been returned to creditors.
OUR CLIENT
Secure Mortgage Management
JOB TYPE
Strategy Execution
DATE
September 2021
Practitioner
Kate Barnet, Damien Hodgkinson
Kate Barnet
Kate develops strategic solutions for groups dealing in crisis management and/or distress investment. He has over 30 years of experience working with distressed companies in the financial assessment, recoverability, and sustainability of risk assets.
MEET OUR TEAM
Olvera Advisors
PRINCIPAL
Kate Barnet is a recognised leader in the insolvency and reconstruction industry.
PRINCIPAL
PRINCIPAL
Mirzan has in excess of 13 years of experience across restructuring and turnaround, corporate finance, mergers and acquisitions and corporate banking in Australia and in Singapore
PRINCIPAL
Michael offers Olvera Advisors over two decades of international restructuring expertise, adept at innovatively supporting diverse businesses, from small firms to listed companies.
PRINCIPAL
Tony contributes 15 years of insolvency experience to Olvera Advisors, with diverse industry expertise and a unique background in ASIC’s Enforcement Division.
PRINCIPAL
Neil Cussen, a leading authority in insolvency and reconstruction, offers 35 years of experience, excelling in asset tracing, business recovery, and cross-border insolvencies.
PRINCIPAL
Robyn’s inclusion in the Olvera team brings an added 15 years of expertise in corporate reconstruction, insolvency, and forensics.
