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Crippling debt and pressure from its creditors has finally pushed ASX-listed integrator, Commander, into receivership.
According to an ASX statement, Steve Sherman and Max Donnelly of Ferrier Hodgson were appointed voluntary administrators to the company yesterday. The decision came a day after the company requested a halt on its shares trading.
Receivers, Peter Anderson, Chris Honey and Joe Hayes of McGrath Nicol, were then appointed by the company's lenders to the entire organisation and its affiliate companies.
"This action was taken following a decision by the company's lenders earlier in the day not to grant a further extension of time for repayment of their facilities," the statement read.
According to ARN sources, Commander was about to announce a trading loss for the financial year to June 30. In June, Commander warned investors that the company's pre-tax profits would be downgraded from upwards of $20 million to between $4.5 million and $7 million.
More to follow.
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Comments
Self help for creditors and employees
I run a group called Unpaid Mushrooms, which is an email discussion group.
The intent is that it is a self-help forum with creditors from previous cases of administration who have been through the exercise (read: mincer) before.
Creditors are meant to have rights, but insolvency law is so complex that it's fairly easy for administrators and directors to employ legal trickery to get away with paying peanuts.
The URL, for more information, and to join up, is http://au.groups.yahoo.com/group/otmushrooms/
Edit: my name now displays correctly.