An IT services company chaired by former leader of the Liberal Party, Dr John Hewson, has gone into voluntary administration according to documents lodged with the Australian Security and Investments Commission (ASIC).
The Pisces Group, which provides transaction platforms for the mortgage industry and had a turnover of $15 million per year in 2007, appointed Hewson as its chairman in mid-2008.
The 21-year-old company was put into administration on Monday.
ARN visited the company’s headquarters at 100 Miller St, North Sydney, and confirmed the company was in administration but still operating. Staff at the office refused to comment and no directors were present.
Robert Moodie of Rodgers Reidy Chartered Accountants has been appointed the Pisces Group's administrator. A restructuring process will take place over the next four weeks and a major meeting of creditors is expected within the next four to five weeks.
Hewson previously has been the chairman of two deregistered companies: CBD Online and Elderslie. He was also the chairman of Network Entertainment , which has since been placed into administration.