Deloitte has been appointed receivers of embattled agribusiness firm Forest Enterprises Australia Limited (FEA).
Deloitte partners Tim Norman and Sal Algeri were appointed to the firm yesterday, one day after voluntary administrators BRI Ferrier were called in.
As well as reviewing the business of FEA, Norman and Algeri have been appointed receivers of the firm’s wholly-owned subsidiaries FEA Carbon Pty Ltd and Tasmanian Plantations Pty Ltd.
The receivers have not been appointed to FEA Plantations Limited, which has been placed into voluntary administration.
“While it is only early stages in the appointment, our priorities as receivers will be to understand the financial position of the companies we have been appointed over,” Norman said.
“Forestry MIS [managed investment schemes] involve complex legal structures with a number of stakeholders, whose priorities need to be independently considered. We will be working to understand the financial prospects of these schemes.”
FEA company directors placed the firm into voluntary administration on Wednesday 14 April.
