investor daily logo

Superwoman in jeopardy

By Victoria Young
2 minute read

Two rescue bids have been made for the troubled female-centric financial services firm.

The future of Superwoman Financial Solutions Group (SFSG) hangs in the balance with two offers on the table for the beleaguered company, which owes nearly $2 million to creditors.

A report by its administrators shows the amount owed is far greater than the $800,000 suggested by former group chief executive Tim Harrison, who left the company in April.

Creditors have been recommended to vote for a deed of company arrangement intended to keep the female-centric financial services company from liquidation.

SFSG and its two subsidiaries Superwoman Financial Solutions and Superwoman Money are in voluntary administration following a dispute between shareholders after a six-month joint venture with ING-owned dealer group Millennium3.

SFSG founder Harrison claims he is the victim of a smear campaign designed to tarnish his name with creditors.

"There's been a lot of things said - accusations, smear and innuendo," Harrison said.

"It's all fabrication of the truth. They're swinging stuff around to muddy the waters. The company will go ahead with the best party. It's in the hands of the creditors' votes."

Commenting on rumours that he was forced to leave, Harrison told InvestorDaily: "I'm a 50 per cent shareholder in the company. I resigned for the betterment of the company. I vigorously refute and deny these totally malicious rumours and innuendo."

ING dealer group Millennium3 Financial Services took a 50 per cent shareholding in October 2006. The other shares are held by a consortium of SFSG executives.

Harrison, who has previously offered $800,000 to pay off creditors, said he was finalising the details of another deed of company arrangement.