Ferrier Hodgson have been appointed receivers over Max Brenner Australia’s assets after a deal struck between liquidators BDO and investment office Tozer & Co., on 17 October fell through less than 24 hours later. A reason was not given for the transaction’s collapse.
The receivers Peter Gothard and Steve Parbery from Ferrier Hodgson were appointed by Glenn Wein, a secured creditor of Max Brenner Australia, late on Friday 19 October according to Fairfax. Ferrier Hodgson has control over Max Brenner Australia assets secured by Wein, including accounts, inventories, plant and equipment and any real property or any lease owned or held by the company.
The dessert chain’s future remains uncertain with the liquidators still in control of the business’ ongoing operation, with sale of the remaining stores still possible.
The fiasco began earlier this month when Max Brenner Australia directors Tom and Lilly Haikin placed the company into voluntary administration, sighting tough retail trading conditions and increasing costs of business.
The extent of the company’s financial woes were revealed as it as administrators McGrathNicol announced 20 of the 37 Australian stores would be closed with the remaining 17 stores to be offered for sale or recapitalisation. However, the role of administrators was ceased when liquidators were appointed after Max Brenner Industries Ltd, the master franchise owner, withdrew the licence for Max Brenner Australia.
Appointed liquidators BDO Australia issued a since removed statement on their website revealing the sale of Max Brenner Australia to Tozer & Co. But the deal soured overnight, leading to the appointment of Ferrier Hodgson as receivers.