Colin Kruger and Vanda Carson, The Age
THE receivers for ABC Learning, acting on behalf of banks owed $1 billion following the childcare operator’s collapse last year, are expected to formally begin the sale of the 715 viable centres as early as this week.
The receivers – lead by Chris Honey of McGrathNicol – have until March 31 to sell the remaining 715 childcare centres or face eviction….
However, the centres are expected to sell for less than $1 billion, and even the banks are not expected to get their money back….
ABC Learning is expected to finally be wound up at that meeting, which would open the way for legal action against the company’s former auditors and company executives, including former chief executive Eddy Groves. There could also be a challenge to the banks’ ranking above all other creditors in the queue for more than $1.6 billion….