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DrFork

4,136 Posts.

22/03/17

00:25

Post #: 23527503
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Originally posted by Mr Heman ↑

I have seen this in the news today and realized that they changed Ziggys name

Dick Smith creditors launch legal action against former executives

PETRINA BERRY

The Australian

6:55PM March 20, 2017

The former chief executive and chief financial officers of Dick Smith are among eight ex-company leaders being sued following the collapse of the electronics chain.

Receiver Ferrier Hodgson, on behalf of Dick Smith Holdings creditors, has taken legal action against ex-CEO Nick Abboud, ex-CFO Michael Potts, and former directors Bill Wavish, Phil Cave, Rob Murray, Jamie Tomlinson, Robert Ishak and Lorna Raine in the NSW Supreme Court.

The executives and directors have been accused of breaching their duty to exercise reasonable care ahead of the company’s financial collapse in January, 2016.

Ferrier Hodgson is seeking to recover amounts equal to Dick Smith’s 2014/2015 interim and final dividends, totalling about $28.4 million, and losses of at least $60m from poor management of inventory.

The law firm representing Mr Murray, Mr Tomlinson, Ms Raine and Mr Ishak said the four non-executive directors will vigorously defend the receivers’ allegations that they failed to put in place adequate systems to manage supplier rebates and inventory.

Dick Smith CEO ‘out of depth’

The statement said the directors acted at “all times conscientiously, with care and diligence”.

Dick Smith’s lenders, National Australia Bank and HSBC, have brought separate legal action against Mr Abboud and Mr Potts in relation to the circumstances under which finance was provided to the company.

AAP

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Well there's definitely a dick or two involved here too...
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