A solicitor acting on behalf of a company requested that Veritas Advisory prepare a solvency report for the purpose of proving solvency of the company in order to defend a winding up application brought about by a petitioning creditor.

By reviewing the books and records received from the solicitor Veritas Advisory were able to analyse the financial information, budget and forecasts to determine both the current solvency status and the likelihood of solvency in the near future.  Any indicators of insolvency which may have contradicted the financial analysis were also assessed.

After a comprehensive review, a solvency report to assist in the court proceedings was prepared.  This supported the solvency of the company in time to stay the winding up application.

A staff member of one of the largest poker machine venues in NSW was suspected of exploiting legitimate payouts during a system failur for his own financial benefits.

Veritas Advisory ran an analysis on over 65,000 payouts spanning a period of 2 years and were able to:

  • Observe the pattern of the payouts ofr abnormal circumstances.
  • Analyse and compare payouts processed by staff, time and amounts.
  • Identify and quantify payouts exploited by the staff.
  • Prepare expert witness report to assist in the court proceedings brought against the staff member.

After a comprehensive review of numerous payouts, the expert witness report was prepared to achieve the scope within a tight timeframe.  This report assisted the client to achieve a desirable outcome.

Chain of US Franchised Restaurants

This Group was experiencing difficulty in meeting liabilities assumed when the current operators took over the business from a long standing operator in an ever-changing hospitality industry. The Group was also dealing with legacy issues following the previous administration of the chain.

David Iannuzzi and Vincent Pirina were appointed as Administrators of the Group by the Director.

In order to further develop a grassroots soccer group and its Soccer Coaching Programme, it was proposed that renowned international soccer player Giuseppe Giannini be invited to provide a coaching clinic. Giuseppe Giannini is a former Italian international soccer player who in his 16-year playing career, was part of the Italian national team that featured at the Italy 1990 FIFA World Cup and held tenure as captain at A.S. Roma, and later played at SK Sturm Graz, S.S.C Napoli and U.S Lecce.
 

The project required raising of capital from the business community.

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