Australia

Our People

Biography

As a partner of the Restructuring & Recovery division in Sydney, Richard Stone possesses over 14 years of experience both locally and internationally in the fields of corporate recovery, insolvency and forensic accounting.

Richard Stone is a Partner of RSM Australia Partners and a Director of RSM Australia Pty Ltd.

Richard has a vast history of exposure to difficult situations and is experienced in autonomously managing complex investigations. Richard retains knowledge in a variety of industries with a particular focus on SME's within property and building, professional services, agri-business and hospitality.

Richard works closely with clients, on both the creditor and debtor side, to engage with all stakeholders in order to preserve jobs and maintain enterprises as going concerns.

"I enjoy being able to provide solutions to difficult and complex issues in times of financial distress. I aim to constantly challenge the status quo and drive innovation." 

Prior to joining RSM, Richard worked for other mid-tier accounting firms and spent four years working in London at Smith & Williamson whilst partaking in a forensic accounting secondment at Clifford Chance.

In Richard's spare time he enjoys coaching junior footy teams and does not mind having a run on the field himself.

MOBILE SERVICE LOCATIONS:
Coffs HarbourHunter/New EnglandNewcastlePort Macquarie, SydneyWestern Sydney, and Wollongong.

Solutions Richard provides

Richard is committed to achieving the best outcomes for his clients, including a focus on maximising recovery for secured creditors.

Liquidator, Insolvency, ATO tax debt, Restructuring, Receivership Richard provides services in the areas of:

  • receiverships acting for secured creditors
  • corporate restructuring and monitoring
  • exit strategy planning
  • formal insolvency procedures
  • independent business reviews
  • pre-lending reviews
  • representations at creditors meetings
     

Significant projects

  • 7Steel Distribution Pty Ltd, receivership - trade on of a national steel distribution business with in excess of $20m in assets, 120 employees and creditors of $40m
  • Snowburn Pty Ltd, receivership - trade on administration involving four businesses in tourism/hospitality in the NSW snowfields, secured the sale of the businesses as going concerns
  • Cardinal Group, voluntary administration - demolition and waste recycling business, secured assets of circa $12m, 250 employees and creditors of $48m
  • Recruitment National, liquidation - labour-hire company with over 250 employees, $2m in assets recovered and statutory debts in excess of $5m
     

Professional associations

  • Member, Chartered Accountants Australia and New Zealand
  • Australian Restructuring Insolvency & Turnaround Association (ARITA)
  • Turnaround Management Association (TMA)
     

REGISTRATIONS

  • Official Liquidator
  • Registered Liquidator
     

Qualifications

  • Bachelor of Economics (Accounting and Business Law) - Macquarie University
Publications

Rebuilding after COVID-19: Small business restructuring in the property sector

12 March 2021
Are you a sub-contractor operating in the property sector and struggling with too much debt? Are you owed money by small-to-medium enterprise (SME) businesses that cannot get their accounts up to date? This article outlines the new Small Business Restructuring arrangements recently introduced by the Federal Government in response to the anticipa...

How a bank may decide to lend your business money

15 January 2020
When you have a great business idea or want to expand an existing business, a loan can make all the difference in realising your dream. You may choose to seek credit from a bank over an investor or another private lender because they: are bound by codes of practice don’t require you to part with equity generally offer competitive int...

What your bank may do when you can’t pay a business debt

15 January 2020
The day you walked into your bank and asked them to fund new equipment or supplies for your start up or company expansion, you probably never dreamed a time would come when you couldn’t pay it back. But somewhere along the way, things didn’t go as planned and challenges kept arising…and now you find yourself with a debt you can’t afford ...

Personal Insolvencies on the Rise

14 December 2016
In a sign of the challenging economic circumstances that face certain industries and geographic areas throughout Australia the number of personal insolvencies in Australia has risen by 4.4% in 2015 / 16 as compared to 2014 / 15. This is the first increase in formal personal insolvencies since the Global Financial Crisis. A total of 29,527 ind...

Secured creditor’s right of subrogation confirmed

3 December 2015
A recent decision in the Federal Court has confirmed that when a secured creditor has paid outstanding employee entitlements from the realisation of circulating assets, they have the right to subrogate into the position of employees and receive any dividends paid. The Court in Weston (Liquidator); In the Matter of 7 Steel Distribution Pty Limite...

How to avoid becoming a zombie company

11 February 2015
Like the traditional walking dead, zombie companies wander aimlessly and unsteadily, not quite alive but still moving. The term ‘zombie companies’ has become more common as low interest rates let otherwise struggling companies battle on. In the past, many of these underperforming organisations managed to slip under the radar, escaping insolv...