By James Wells
MELBOURNE: Following recommendations by the administrator of failed electrical retailer, Hi Fi Supermarket, creditors voted on Friday to liquidate the assets of the company.
According to a representative from administrator, KordaMentha, there was no Deed of Company Arrangement put forward at the second creditors’ meeting, which is normally created if the directors of the business believe they can trade out of the difficulty or they can run the business in a different way.
The proxy votes which were compiled for the meeting were not considered as the votes by the creditors followed the motion put forward by administrator, Crag Shepard, that the business be wound up.
“If it is a close call with the vote, then the proxies are used. From the weight of numbers today, the proxies were not required, but they were supporting the view of the chairman anyway,” the spokesperson said.
KordaMentha has confirmed it is still conducting investigations for the available distribution of assets, should there be any available.