A recapitalisation plan has failed to save debt collector Collection House (ASX: CLH) after it languished for two years in COVID-induced doldrums and a weak national economic situation, with the company today announcing it has appointed administrators.
The Brisbane-based company today requested its securities be suspended from trading on the ASX and has appointed FTI Consulting as voluntary administrators who now have the ironic task of protecting Collection House from creditors chasing up debts of their own.
CLH said the decision came after “exhaustive attempts to restructure the business and raise additional funding were unsuccessful”. This included multiple divestments of assets including its debt ledger book to Credit Corp Group (ASX: CCP).
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