GetSwift
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
GetSwift (GetSwift Technologies Limited) was an Australian-founded last-mile SaaS logistics company, co-founded by Joel Macdonald. Its software helped businesses manage delivery dispatch, routing and tracking. In January 2021 it completed a scheme of arrangement, delisting from the ASX and listing on the Canadian NEO Exchange. Management reports in early 2022 raised doubt about whether it could continue as a going concern. On August 2, 2022 the company filed voluntary Chapter 11 Subchapter V petitions in the US to sell substantially all of its SaaS assets through a stalking-horse bid from SF2 GSW, an affiliate of Stage Equity Partners; its Australian subsidiary was placed into liquidation on July 29, 2022 with KordaMentha appointed as liquidators.
02 / GetSwift FAILURE REASONS
Failure reasons
GetSwift failed after its finances deteriorated to the point that auditors doubted it could continue as a going concern. Management reports in February and May 2022 flagged the going-concern risk; the Australian subsidiary GetSwift Limited was placed into voluntary liquidation on July 29, 2022, and on August 2, 2022 the parent filed voluntary Chapter 11 Subchapter V petitions in the US to sell substantially all of its SaaS assets. The process followed the ASIC enforcement action against GetSwift Limited over its 2017 IPO disclosures.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
GetSwift Ltd (AU) placed into liquidation 29 Jul 2022; KordaMentha liquidators Kate Conneely and Rahul Goyal. ASIC media release 23-029MR later notes GetSwift (in liquidation) and that in August 2022 GetSwift was placed in voluntary liquidation by Holdco.
- Asset restructuring
parent GetSwift Technologies filed Subchapter V bankruptcy restructuring in New York; NEO trading suspended. PACER case 1:22-bk-11058 filed 2 Aug 2022.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In 2015 GetSwift was founded in Australia as a last-mile SaaS logistics company, co-founded by Joel Macdonald.
- 02
In January 2021 it completed a scheme of arrangement, delisting from the ASX and listing on the Canadian NEO Exchange.
- 03
Management reports in February and May 2022 raised doubt about whether the company could continue as a going concern.
- 04
On July 29, 2022 the Australian subsidiary GetSwift Limited was placed into voluntary liquidation, with KordaMentha appointed as liquidators.
- 05
On August 2, 2022 GetSwift Technologies filed voluntary Chapter 11 Subchapter V petitions in the US, selling substantially all SaaS assets via a stalking-horse bid from an affiliate of Stage Equity Partners.
- 06
No loss amount beyond the reported figures is recorded.