Flow Communications and its parent company, ASX-listed telco FlowCom Limited, have both been put into receivership by secured creditor, Crown Financial.
The creditor has appointed Greg Hall and Phil Carter from Pricewaterhouse Coopers as receivers and managers in both instances.
FlowCom’s others subsidiary, Macro Communications, will continue to operate.
Crown Financial acquired a $15 million debt interest in FlowCom last year along with a consortium of shareholders.
“Our job is to discharge that debt to the secured creditor [Crown Financial],” corporate communications spokesperson for Pricewaterhouse Coopers, Lex Melzer, said.