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Insolvent grain trader AFC in receivership
2 Nov 2004
The Australian Securities and Investments Commission appointed a receiver to Australian Foods Company Pty Ltd, following orders in the Supreme Court of Western Australia. ASIC appointed Barry Honey, of McGrath Nicol and Partners, as receiver and manager of the Perth-based grain trader. Honey replaced the sole director of AFC, Pavan Shivnani. ASIC said it commenced proceedings due to concerns about AFC's solvency and the state of the company's books and records. The Court also made orders freezing AFC's bank accounts and requiring Shivnani to deliver up AFC's books and records to the receiver. South Australian Farmers Federation said AFC left a number of growers in its state unpaid for grain.
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