Franchisees of Aussie Farmers Direct say they have zero faith in seeing any money owed to them by the business, as the administrators of the grocery delivery chain say winding up the company is the most viable option.
The grocery delivery operator fell into voluntary administration in March and franchisees were left shell-shocked by an announcement that the company would cease operating immediately.
In a report to creditors published last Thursday, administrators Craig Shepard and Leanne Chesser of KordaMentha said they had reviewed the companys financial situation but were unable to find a buyer. Therefore, winding up the companies appears to be the most viable option for creditors, they said.
The business owes $86.7 million to…
Read the full article at: https://www.smartcompany.com.au/business-advice/franchising/aussie-farmers-direct-franchisees-move-on-as-administrators-recommend-wind-up/