The ultimate fate of Dick Smith may not be known for six months.
DICK Smith stores were selling customers soon-to-be worthless gift cards in the days before Christmas at the same time it was calling in the administrators.
McGrathNicol was brought in to advise the ailing company on December 23. The firm was officially appointed as administrator on January 4.
The electronics retailer went into receivership last week with debts of about $390 million, with receiver Ferrier Hodgson informing customers it would not honour gift cards.
We were appointed on the 23rd of December, McGrathNicol administrator Joe Hayes told media at the first meeting of creditors in Sydney today.
In the circumstances its usual for a company to appoint an adviser when they…
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