legal law hammer gavel and base
Source: PIxabay
  • Trading suspended Tuesday morning.
  • Voluntary administrators allegedly appointed to pursue debts.
  • Federal Court injunction application granted to stop the appointment of administrators yesterday morning.
  • The Agency Group claims the move for voluntary administration was to destabilise the company.
  • The Agency currently has "a strong financial position", as announced on the ASX.

Horns are locked between The Agency Group and Magnolia as an injunction application for the voluntary administration was granted by the Federal Court.

In a statement to the ASX, The Agency stated the debt amounts to approximately $385,000.

On Wednesday however, the Court ordered:

“… that the purported appointments would have no effect…”

The Court also ordered:

“… that the administration or purported administration will end at 4pm on 1 February 2021 and a hearing has been scheduled for 9:15am (AWST) on 1 February…”

The Agency has seen turbulent times since December last year, with Business News Australia reporting potential hostile takeovers, and The Market Herald reporting “the gloves are off”.

In a statement to the ASX, The Agency said there’s an underlying motive for the alleged appointment of administrators:

“The Company’s position is that the alleged appointment by MCL 105 Pty Ltd was undertaken for the purpose of destabilising the Agency and compelling the Company to pay a disputed fee.”

The Agency goes on to say they are in a strong financial position and are expected to release half-yearly results shortly.

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