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June 28, 2010

Vantis administrators appointed

Chad Griffin and Simon Granger of FTI
Consulting have been appointed joint administrators of Vantis with
immediate effect.

The AIM-listed accounting firm had been
unsuccessful in finding ways to reduce its spiralling level of
debt, the board noted.

Earlier today, HLB International chief
executive Rob Tautges told the International Accounting
Bulletin
that the consolidator would be reorganised but it
remained a mystery how this restructure would take shape.

It is likely there could be a combination of
external sales and a management buyout.

HLB International is hopeful that enough of
the firm remains in tact so that it may continue to be a member of
the network. Tautges said HLB has been monitoring the market for
options in the event it is forced to an alternative.

 

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