Peter Gothard and John Melluish of Ferrier Hodgson were appointed administrators of Sherwin Iron Ltd., Sherwin Iron (NT) Pty Ltd and South Murchison Mines Pty Ltd.
Janna Robertson and Scott Kershaw of KordaMentha were appointed receivers and managers to each of these entities by the Group’s major lender.
The appointment follows the decision by the Group’s major shareholder not to support the recent Rights Issue and Share Purchase Plan which placed a strain on the ability of the Group to continue as a going concern and the lack of cash funding available.
The Administrators will not be responsible for any aspect of the Group’s trading including ongoing operations and dealing with the assets of the Group.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more