McGrathNicol report investigates Dick Smith's demise

Pic: McGrathNicol administrator Joe Hayes

By Emily Bencic

Dick Smith administrators, McGrathNicol, will release their report to creditors later today, in advance of the meetings of creditors to be held on Monday 25 July 2016 in Sydney.

The report summarises the administrator’s activities since their appointment on 4 January 2016. It provides background to the financial performance of Dick Smith, the reasons for its failure, the outcome of the receivership, the likelihood of financial returns to creditors, and the nature of claims that can be pursued.

McGrathNicol administrator, Joe Hayes said the failure of Dick Smith represents an unfortunate end for one of Australia’s iconic retailers. “The collapse was made all the more significant given its speed and scale, just a couple of years after the successful public ASX listing of Dick Smith, as well as the time of year, just following the Christmas period,” he said.