Administrators have commenced closing down subsidiaries within a group of companies involved in an alleged $200 million fraud against Westpac, with the Federal Court ordering the liquidation of the company at the centre of the case.
Corporate restructuring firm Mackay Goodwin has confirmed it has been appointed as administrators for the Forum Group of companies and has been undertaking investigations into the viability for the continued trading of various business units within the group, which employed 200 staff.
Mackay Goodwin said it had already closed operations of one business unit within the Forum Group, Iugis Food Waste, saying the business units ongoing operation was not viable.
The administrator is currently reviewing the…
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