Once one of Australia’s biggest debt collectors, and which made millions for founders, Collection House has called in administrators.
it faced even further strain because one of its few remaining assets was hocked – a stake in Volt Bank – and Volt had earlier that day abandoned its banking ambitions.Collection House over the years chased down debts on behalf of clients including the Australian Taxation Office or power companies.
Its fortunes waxed and waned over the years, with sudden accounting shocks sapping investor faith. By the last half-year accounts, the outfit had posted a loss of $63.7 million and auditors KPMG warned of a “material uncertainty” about the company continuing as a going concern.The business also had a mixed track record with regulators and consumer advocates.
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