The company collapses have continued, with troubled broker Kinetic Securities voluntarily appointing liquidators overnight, with two smaller businesses in the transport and automotive sector also looking for buyers.
The collapses come as administrators have warned that receiverships and liquidations will continue to rise as businesses suffer under harsh blows to consumer confidence and discretionary spending, especially in the retail sector.
Kinetic Securities has appointed liquidators, according to a filing with the Australian Securities and Investments Commission. It is reported Max Donnelly and Robyn Duggan of Ferrier Hodgson have been appointed.
A spokesman for Ferrier Hodgson said the company has now entered a creditors’ voluntary liquidation, and confirmed that the company had ceased trading about a week ago.
“We’re intending to convene a meeting of creditors within the next 18 days,” he said.
Various reports have indicated Kinetic, which started trading in 2004, has been suffering since the onslaught of the global financial crisis, along with stricter regulation for the financial sectors. Fairfax has reported that in an email to clients, directors blamed poor trading conditions.
”The GFC and the subsequent sideways-moving, low-volume market has taken a serious toll on the business, and greater price competition for our execution services have dramatically impacted our revenue-generating capabilities.”
”In addition, evolving stricter financial regulation that puts tremendous pressure on the small financial service providers creates a level of uncertainty for the ability of firms such as ours to successfully operate in this environment.”
The company was also contacted this morning but phones appeared to be unanswered.
Meanwhile, turmoil in the retail sector has continued with administrators Jirsch Sutherland seeking expression of interest for a Newcastle-based automotive small parts franchise, turning over $1 million per year.
Jirsch Sutherland administrator Bradd Morelli was contacted this morning, but was unavailable prior to publication. The business is looking to sell goodwill and intellectual property, fixtures and fittings, office furniture and equipment, stock and leases.
Meanwhile, another collapse has occurred within the transport sector, with a Mackey-based bus transport and hire company being sold by receivers Grant Thornton. Receivers and managers Graham Killer and Michael McCann were both contacted this morning, but were not available.
The company claims turnover was over $8.5 million in 2011, and has a fleet of over 60 buses, with 39 new buses purchased in 2009.
The transport and tourism industry has been hurting over the past year as the Australian dollar has risen in value, causing more tourists to head overseas.
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