07/09/2012 - 15:16

IFS falls into administration

07/09/2012 - 15:16

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Days after installing a new board of directors, battling scaffolding firm IFS Construction Services has been placed into the hands of administrators from WA Insolvency Solutions.

IFS announce today it had appointed Kim Strickland and David Hurt as joint and several voluntary administrators, effective from today.

The news follows the announcement late last month that is subsidiaries, Hire Access and Specialised Scaffolding, had also fallen into administration.

IFS' board of directors had been embroiled in an increasingly hostile battle for control of the company with a prominent group of shareholders, led by former managing director Scot Vivian-Williams.

The Takeovers Panel ruled last week that a takeover bid made by then-chairman Billy Ong’s Millennium Scaffold Systems was not taking place in an “efficient, competitive and informed market”.

The takeover bid was pulled off the table on Tuesday while Mr Ong resigned from the board, with fellow directors Stuart Usher and wife Anita Ong, last Thursday.

IFS shares last traded at 3.2 cents, before entering an official suspension from trading on Monday. 

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