Mr Fox explained FTI Consulting, a forensic accountant appointed through the Reserve Financial institution, experienced verified Armaguard’s yearly cash shortfall was close to $50 million, comparable to the quantity presented at an unexpected emergency meeting in Oct the place it urged business help.
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His reviews propose the sale of Armaguard, or transformation of the business right into a co-operative, is off the table, at the very least while in the short term. They also propose a voluntary administration will not likely come about.