That's Interesting
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Administrator perspectives on Hastie Group
24th July, 2017This 6 February 2013 article from the Australian Institute of Company Directors: “The Boardroom Report” discusses some observations of Hastie Group administrators PPB Advisory. The article suggests that although Hastie Group undertook multiple acquisitons, financial reporting systems where never properly integrated and the Board of Directors did not demand sufficiently detailed information about the underlying performance of the business. If this had ocurred, the eventual demise of the company might have been averted.
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The Feltex Debacle: New Zealand’s Enron? – by Sue Newberry
24th July, 2017Sue Newberry is Associate Professor of Accounting at the University of Sydney, and a member of the New Zealand Institute of Chartered Accountants.
The collapse into receivership of Feltex Carpets Ltd continues to produce waves of concern [in New Zealand]. Shareholders have commenced a class action against its directors; there have been Securities Commission investigations. This December 2007 article gathers evidence that the Securities Commission has not adequately scrutinised the behaviour of Feltex or its auditors; that Feltex was misleading in reporting its financial situation to its current and prospective shareholders at crucial times; and questions the quality of the work of its auditor, Ernst and Young.
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