"Octaviar into liquidation Nick Nichols, business editor
July 31st, 2009
OCTAVIAR was this morning placed into liquidation following a Queensland Supreme Court order.
Justice Philip McMurdo terminated a deed of company arrangement that has been in place since last December, naming company administrators John Greig and Nick Harwood, of Deloitte, as provisional liquidators.
The move finally spells the end for the listed Gold Coast company, formerly known as MFS, which has been heaving under debts of up to $2 billion since its collapse in January last year. Justice McMurdo also appointed liquidators to Octaviar subsidiary Octaviar Administration, the company that retains the former group's cash reserves.
Both Octaviar and Octaviar Administration were given a reprieve last December and allowed to continue operating under a deed of company arrangement which gave some hope for a small return to creditors.
At the time, three other Octaviar companies were liquidated.
Today's move, pushed by the Public Trustee of Queensland which is acting on behalf of Octaviar noteholders who are owed about $350 million, paves the way for a full examination of the collapse of MFS and the role played by its directors."
OCV Price at posting:
99.0¢ Sentiment: None Disclosure: Held
