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Dick Smith creditors vote to liquidate

Dick Smith collapsed in January and has now closed the more than 360 stores it operated on both sides of the Tasman. Photo / Nick Reed
Dick Smith collapsed in January and has now closed the more than 360 stores it operated on both sides of the Tasman. Photo / Nick Reed

Creditors of defunct electrical retailer Dick Smith have voted in favour of liquidation.

Administrator McGrathNicol will take over as liquidator of 10 companies within the Dick Smith group following the vote by creditors at a meeting in Sydney today.

McGrathNicol will continue to focus on the exact reasons for Dick Smith's collapse, and who is to blame.

Dick Smith creditors are expected to face a shortfall of more than $270 million, the administrators of the failed electronics chain said earlier this month.

McGrathNicol on July 13 also said secured banks - which include HSBC and National Australia Bank - would only receive a partial return on the A$140 million they are owed.

Dick Smith collapsed in January and has now closed the more than 390 stores it operated on both sides of the Tasman.

More than 3000 workers lost their jobs - 430 of them in New Zealand.

- NZ Herald

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