Hi-Fi Supermarket lay-bys left in limbo

By Craig Zammit

MELBOURNE: Letters sent to Hi Fi Supermarket lay-by customers by the company’s administrator, have indicated that the customers should not anticipate a return if the company is liquidated and wound up, following a meeting held in Melbourne today.

After going into voluntary administration, Hi Fi Supermarket had several outstanding lay-by transactions, including several Fisher & Paykel customers.

“Having had regard to the information available to us, we have found the opinion that it would be in the creditors’ interest for the Company to be wound up. Further, I do not anticipate a return to unsecured creditors in the liquidation of the company,” KordaMentha said in a letter to lay-by creditors.

Fisher and Paykel has offered to provide its outstanding customers assistance in regards to any products on lay-by, and have been asked to contact, Gary Cole, directly to discuss the situation

An Appointment of Proxy was sent out to all unsecured creditors, including lay-by customers, allowing them to vote on the company’s future in the second meeting of creditors in Melbourne this morning.

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