Administrators called in to ILH
Administrators have been appointed to listed legal and professional company ILH Group.
KordaMentha, whose 333 consulting business has been working behind the scenes with ILH on strategic options since earlier this month, said Michael Brereton and Cliff Rocke were appointed to the company on Wednesday afternoon.
The appointment was limited to ILH, with subsidiaries including Perth legal firm Rockwell Olivier continuing to operate "on a business as usual basis", KordaMentha said.
Shares in ILH were put into a trading halt on December 10 pending an announcement in relation to "its financial position and ongoing strategy".
At the time, the company was in discussions with its bank, which had just deferred repayment of a $250,000 debt for a week.
ILH, which includes a wealth management division, flagged a change in strategy after recording a $9 million loss for 2013-14, influenced by a sharp fall in legal revenues in Perth.
As late as October, it was forecasting a profit of $2.5 million to $3 million this financial year before interest, tax, depreciation and amortisation.
