The Dick Smith receivership process could take six months.
DICK Smith’s fate may not be decided for another six months, with administrators set to apply for more time to investigate the downfall of the electrical retailer.
At the first meeting of creditors today, McGrathNicol administrator Joe Hayes said it would be impossible to resolve all the issues by the current February 9 deadline.
He told an audience of about 150 people he would make a court application next week and expected the bank-appointed receivers to ask for six months in which to conduct their business.
The retailer went into receivership just over a week ago and has been advertised for sale, with the receiver Ferrier Hodgson weighing whether it is possible to offload the business as a going concern.
Dick Smith owes secured creditors about $140 million and unsecured creditors, which include customers with unredeemed gift cards, another $250 million.
Mr Hayes said initial estimates suggested Dick Smith had employee liabilities of about $15 million, covering things such as long service leave but excluding any potential redundancy payments.
He said it holds about $220 million of inventory but cautioned that this was just a snapshot of the business.
“We’ve only been in Dick Smith for 10 days or so, so our information is limited,” Mr Hayes said.
The meeting today in central Sydney will determine whether to appoint a committee of creditors and, if so, who the committee members will be and whether to continue McGrathNicol as the administrators.
AAP
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