Clive Peeters Limited and its eight subsidiaries, including Rick Hart in Western Australia, have been placed into administration by its Board - with receivers appointed by major creditor National Australia Bank - following a period of financial losses.
At the first creditors meeting on Friday 28 May, Ferrier Hodgson was appointed as a voluntary administrator and has instructed Norton Rose Australia to act in that administration.
Due to the fact that receivers are in control of the sale process, Norton Rose is assisting with investigations and has been instructed to make an application to extend the convening period.
According to Norton Rose, it is expected the receivers will eventually retire and the role of the administrators will thus become much broader.
Clive Peeters employs approximately 1,300 staff and operates from 45 stores around the country.