Varde Partners were so concerned about the financial health of Rivet Group that the distressed debt fund engaged EY to set out options in case the business collapsed – six months before it called in administrators.

Rivet, which emerged under the leadership of ex-Toll boss Mark Rowsthorn out of the collapse of ASX-listed McAleese, appointed administrators, including EY, to its mining services business and to its ultimate holding company, Blondie Trading, last week.