Perpetual subsidiary Perpetual Trustees WA Limited has appointed receivers to Elderslie Finance Corporation.
The company announced today that it had appointed the receivers in its capacity as trustee for secured debenture holders in Elderslie under charges it holds over assets and undertakings of the company and a number of its subsidiary companies.
The appointment of receivers follows action initiated by Perpetual in April when it appointed PricewaterhouseCoopers as investigative accountants to Elderslie to assess the company’s financial position and the subsequent report suggested the company would become insolvent unless it received a cash injection to meet its short-term liquidity requirements.
Perpetual said that prior to appointing the receiver, it sought to form a view on the merits of a number of sale proposals that would facilitate an injection of capital into Elderslie.
It said a sale had not eventuated and it had ultimately deemed that Elderslie would not be able to meet its obligations to debenture holders in the company.
