A disagreement existed between Duet’s general manager and the directors of the partnership’s subsidiaries, which threatened the survival of the group.
The secured lender was understandably concerned about its investment and approached KRyS Global to assist.
KRyS Global was appointed as provisional liquidators over the entity to secure and protect its records and assets.
This was achieved by replacing the directors of the subsidiaries, which enabled the ongoing dispute to be resolved without diverting attention from the operations of the subsidiaries.
A settlement was subsequently agreed between the parties to the dispute and Duet reverted to the principals, pursuant to the arrangement agreed.
By taking direct control over the subsidiaries and removing the directors, KRyS Global was able to ensure the subsidiaries were not damaged by the ongoing dispute with the former directors.
KRyS Global’s hands-on, practical approach preserved value in the subsidiary entities for all stakeholders, until such time as the principals were able to refocus their attention on the future growth and development of the group.