Babcock & Brown in voluntary administration
Babcock & Brown (B&B) has placed itself in voluntary administration following a decision by its board of directors that the company is likely to become insolvent.
Its decision to appoint Deloitte Corporate Reorganisation Group Partners was taken after New Zealand investors (subordinated note holders) in B&B voted down a proposed debt restructure of the company.
The restructure required the consent of both the 4,500 note holders in New Zealand and the 3,500 note holders in Australia.
A Deloitte media release said the role of the partners David Lombe and Simon Cathro as B&B administrators would be to “investigate the company’s affairs".
“Our aim will be to seek advice from note holders and creditors about any matters that need to be investigated and reviewed,” Lombe said.
“We will undertake to investigate the company and all its affairs thoroughly, and will provide our findings to creditors in our Section 439A Report,” he said.
Recommended for you
National licensee Capstone Financial Planning has welcomed an executive manager for growth and development, while wealth manager Cameron Harrison has brought a new chair on board.
Wealth management is facing a “fundamental transformation” as 81 per cent of next-gen inheritors have said they will likely switch away from their parents’ wealth manager, while one in four advisers are looking to switch jobs.
Stockspot data has uncovered the top Australian suburbs boasting the greatest percentage of sustainable investors for financial advisers targeting these clients.
Netwealth’s chair Tim Antonie is set to depart after a decade spent on the board, with the firm naming his successor who will take up the position this September.
