“At the date of Mackay Goodwin’s appointment, Forum Group employed approximately 200 people. The administrator has since closed the operations of a business unit, Iugis Food Waste, because the ongoing operations of that business unit were not viable, ”the company said in a statement to Financial analysis.
“The administrator is currently examining the viability of ongoing operations for two other business units of the Forum group, namely Forum Group Managed IT Services and Autonomous Energy – a solar panel company.”
Iugis announced the purchase of Autonomous Energy in March of this year.
“A decision is pending as to whether the administrator can continue to operate the aforementioned two remaining business units, which employ approximately 170 employees. The review of their continued operation is ongoing, ”said Mackay Goodwin.
The administrator said he was successful in securing the release of funds to pay wages until July 8 for both companies.
“There was great interest in the acquisition of the two business units. To date, the administrator has received 111 requests, 95 of which have signed a nondisclosure agreement and received company details. ”
The first meeting of creditors is scheduled for July 20.
Federal Court Judge Michael Lee ruled in favor of Westpac’s request to appoint an interim liquidator on Friday. He backed the choice of Westpac’s liquidator, McGrathNicol, after Forum Finance applied to appoint KordaMentha instead.