Investigations into the company’s financial records have been delayed, though an update for creditors is expected in the next review period.
Joint administrator Frank Wessely noted while investigations may not lead to financial recovery for creditors, they are necessary to fulfill statutory duties and explore any potential avenues for enhancing recoveries.
“As advised in my last report, there are matters that [we] consider merit further review following the initial investigations,” he said.
“This work was delayed as a result of difficulties obtaining and accessing all of the company’s electronic books and records.”
The administrators also stated they will continue to explore “alternative realisation strategies”…