The Dick Smith Holdings collapse is about to get ugly with National Australia Bank and HSBC having good reason to explore action against the six former directors of the company and its auditor, Deloitte.
Receiver, James Stewart from Ferrier Hodgson, says there will be a “significant” shortfall on the $140 million secured debt owed to NAB and HSBC.
That leaves the banks with the little choice but to make inquiries about the role played by the directors and the auditor in the collapse of the company.
Was there a dereliction of duty by directors? Was the auditor negligent when preparing the accounts for the year to June 30, 2015.
Dick Smith’s inventory was written down by $60 million on December 1 last year two months after chief…
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