Real estate firm The Agency has made a bid in court to fight an administration action brought by a former director over a disputed fee, winning a ruling that the administration will end on February 1.
The ruling is subject to the real estate group paying$400,000 into the court by January 22.
Investment group Magnolia said it appointed voluntary administrators BDO on Tuesday to pursue the real estate firm over a disputed debt of approximately $385,000, saying it had lost confidence in The Agency Groups board and its unknown financial position.
Magnolia previously said it bid for shares in The Agency.
The court ordered that the administration would stay in place until February 1 with a hearing scheduled on the same day to allow any cred…