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AUSTRALIA'S ALLCO FINANCIAL GROUP PLACED IN LIQUIDATION.

Publication: AsiaPulse News
Publication Date: 26-MAY-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
SYDNEY, May 26 Asia Pulse - Allco Financial Group Ltd (ASX:AFG) will be placed in liquidation with debts of more than A$1 billion (US$782 million), opening the way for potential legal action against former directors of the collapsed investment firm.

However, two Allco entities related to the aviation leasing business have been put in a deed of company arrangement at the request of bank creditors ahead of an attempt to sell the assets.

Creditors voted to liquidate 50 of the 52 entities that make up Allco at a meeting in Sydney on Tuesday called by voluntary administrators Anthony McGrath and Joseph Hayes of McGrathNicol.

The administrators will now...

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