The former directors of failed electronics chain Dick Smith are expected to be questioned by receiver Ferrier Hodgson as part of its ongoing investigation into the retailers collapse in January.
Ferrier Hodgson was recently granted an examination order by the Australian Securities and Investments Commission to help determine the source of Dick’s financial woes.
Names of those within the company which will receive a grilling are expected to be released by early July, a source close to the receiver says its former directors will be questioned.
Dick Smith’s former directors include chair Robert Murray, managing director and chief executive Nick Abboud, independent non-executive director Jamie Tomlinson, independent non-executive director Lorna Raine, independent non-executive director Robert Ishak and chief financial officer Michael Potts.
The lengthy investigation has halted the winding up of the business, administrators have pushed back a second creditors meeting to take place on August 2, leaving a long list of creditors without answers until then.
Print companies were included in the list, PMP was left $2.7m out of pocket and Wellcom Group was also owed money. At the time of collapse, Dick Smith’s debts totalled $400m.
In March Ferrier Hodgson spokesperson, Matt Francis told Australian Printer that both PMP and Wellcom Group were considered ‘unsecured creditors’ of Dick Smith.
He said, “Their claims for payment will be considered in the normal course of events as the Dick Smith business is wound up and the claims of secured creditors and other ranked creditors are dealt with from the proceeds.”
The last Dick Smith outlets shut their doors in May after a buyer could not be found. The only surviving remnant of the once iconic company is its online domain which was snapped up by competitor Ruslan Kogan.
The examination of individuals is expected to take place later this year.
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