AUSTRALIAN FACTORS

Press, Volume CIII, Issue 30390, 14 March 1964, Page 22

AUSTRALIAN FACTORS

Receiver Now Appointed (N.Z. Press Astn.—Copyright) SYDNEY, Mar. 13. A receiver has been appointed to take over the affairs of Australian Factors, Ltd. Permanent Nominees, Pty., Ltd., trustees to the debenture holders, notified the Sydney Stock Exchange of this today. The receiver is Mr A. D. Bridges, a well-known Sydney chartered accountant. The appointment followed a request by directors of Australian Factors, Ltd., after further heavy bad debt write-offs and provisions, for the half-year to December 31. In their submission to the trustees, the direc irs asked for assurances that civil and criminal proceedings presently in train should be proceeded with. The trustees made no comment about this in their short statement. On Wednesday the Sydney Stock Exchange suspended trading the shares after the company failed to answer satisfactorily certain questions put by the exchange. Australian Factors directors stated in their announcement that £371,714 had been written off in bad and doubtful debts in the six months to December 31, last. Unable to Certify They added that even after the latest write-off they were unable to certify the value of outstanding book debts as at December 31. The exchange questioned the company after a sharp fall in the 5s shares the previous week. When Australian Factors shares were suspended they stood at Is 4d buyer and Is 7d seller. A week previously they were selling at 2s lid. Paid capital of Australian Factors, Ltd., is £950,000. Today’s move does not neces. sarily mean a wind-up of the company, but is always the first step taken in a wind-up operation.