Receivers called in to Dick Smith

From The Australian this evening

Dick Smith’s two-year life as a listed public company came to an abrupt end tonight with the banks appointing a receiver to the company and the company a voluntary administrator.

James Stewart from Ferrier Hodgson was appointed by the banks as the receiver and McGrath Nichol will act as administrator for the company.
The appointments are expected to be formally confirmed tomorrow morning by the company.
NAB and HSBC as main bankers appointed the receiver and company chair Ron Murray appointed the voluntary administrator.
The company will now be formally wound up in a process aimed at maximising returns for the banks.