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Harvey Beef creditors lose half their funds
8 Nov 2005
Unsecured creditors of Harvey Beef owner EG Green and Sons could be facing a return of just 32 cents in the dollar. Administrators Ferrier Hodgson said there were three conditional offers for the business, as well as an offer from the Green family for a scheme of arrangement. They blamed the collapse three months ago on a change-resistant culture and a reluctance to embrace new business processes and management disciplines. They found there was also a growing disconnection between the finance team, aligned to the new management, and the production team and previous management.
West Australian, 08/11/05
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