Harts in hands of liquidator

The sale of Harts New Zealand financial planning business has been thrown into doubt after the Australian parent company ran into more trouble.

The Federal Court in Australia yesterday appointed a provisional liquidator to Harts Australia, a day after the board put the company in the hands of voluntary administrators.

The court appointed John Greig and Robert Duff of Deloittes Touche Tomatsu as provisional liquidators following an application from the Australian Securities and Investment Commission (ASIC).

ASIC sought the appointment of a provisional liquidator to ensure there was an "independent consideration of the best interests of investors and creditors".

Harts had put the company into the hands of a voluntary administrator the day before because some of its deals looked like falling over after publicity about the ASIC application.

"It was necessary to appoint a voluntary administrator to the company as it had been advised that certain finance facilities available to the company had been withdrawn due to the publicity surrounding the Australian Securities and Investment Commission's (ASIC) application to the Federal Court," Harts executive chairman Steve Hart said.

The company was in the process of selling certain assets, including the New Zealand business, to free up for the business.

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