Allco directors appoint voluntary administrators following review

By Caroline Salls

Pittsburgh, Nov. 5 - Allco Finance Group Ltd.'s directors have appointed Tony McGrath and Joseph Hayes of McGrathNicol as the voluntary administrators of Allco and some of its subsidiaries under Section 436A of the Corporations Act 2001, according to a company news release.

Allco said this action was taken following the directors' careful review of the company's future.

Subsequent to the appointment of the administrators, the company said its banking syndicate appointed Steve Sherman and Peter Gothard of Ferrier Hodgson as receivers.

Trading in Allco's ordinary shares as well as those in the company's notes will now be suspended, according to the release.

Allco is an alternative investment firm that operates offices in Sydney, London and San Francisco.

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