PHOTO: The Agency is disputing the demand to repay the outstanding debt. Photo: Peter Rae. Photo: Peter Rae
Real estate firm The Agency has made a bid in court to delay an administration action brought by a former director over a disputed debt.
Investment group Magnolia said it appointed voluntary administrators BDO on Tuesday to pursue the real estate firm over a disputed debt of approximately $385,000, saying it had lost confidence in The Agency Group’s board and its unknown financial position.
The court ordered that the administration would stay in place until February 1 with a hearing scheduled on the same day to allow any creditors to come forward.
The court also ordered that those bringing the administration action be restrained from acting as voluntary administrators or taking any steps in this role, with control of The Agency resting with its directors. The appointment of administrators is to have no effect, except on what The Agency Group called “technical matters”, pending the determination of the proceedings.
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