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.

You May Also Like

Beachside bargains: Top 10 NSW suburbs for downsizing under $1m

Discover NSW’s hidden gems where coastal lifestyles and housing affordability meet.

Is Christmas FOMO leading to bad property buying decisions?

A sense of urgency could be leading to poor property buying decisions.

A growing number of buyers and renters are swiping right on digital inspections

While the option seems great for the time poor, it still misses the mark on delivering a feel for the area and scale of the home.

Sub-penthouse at Sapphire by the Gardens expected to fetch over $12M

A property in one of Australia’s iconic buildings has just been brought to the market, with price expectations in excess of $12 million

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.