The National Australia Bank is set to take control of Melbourne based retailer Clive Peeters with a receiver manager set to be appointed immediately in a move that will allow the consumer electronics and appliance retailer to continue trading.
Currently call to Clive Peeters head office are directed to the current administrators.
Insiders at the NAB have told ChannelNews that Colin Nicol, Keith Crawford and Matthew Caddy of McGrath will be replaced by a receiver manager who will take full responsibility for all future debt.
"The receiver manager will have no exposure to debt for current stock" said a reliable source.
Under the new arrangement the NAB who has a charge over all Clive Peeters assets is set to replace current management with new management effective immediately.
It is not known whether CEO Greg Smith and Steven Rowarth the Chief Financial Officer, who failed to detect a $20 million fraud at the company last year, will be part of the new management team.
Sources say that the move to appoint a receiver manager was made following the Retravision NSW debacle, when what was perceived as a potentially viable business folded due to administrators being appointed, when the industry were of the opinion that the operation could trade out of their difficulties.
Earlier this month Clive Peeters said its operating loss for the three months to March 31 was expected to be $4.5 million compared with a loss of $600,000 for the same period last year.
The company employs 1300 staff members in 44 stores across Australia.
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