Two South West poultry producers that trade as Finnesse Foods and Ferguson Valley Chicken have gone into voluntary administration.
Gold Level Enterprises which operates an abattoir in Dardanup and Goldfin Enterprises which operates a processing plant just outside of Bunbury appointed Kim Strickland and David Hurt from WA Insolvency Solutions as administrators yesterday afternoon.
More than 130 people are employed between the two companies.
Mr Strickland said he and Mr Hurt were in the process of assessing the financial position of Gold Level Enterprises and Goldfin Enterprises.
Mr Strickland said a couple of million dollars was owed to suppliers and the National Australia Bank was owed an amount of money, which he would not disclose.
“We’ve had total support of creditors and suppliers who say they will continue to supply the companies,” he said.
He said the position of the workforce was also very strong.
“Employee entitlements are strong,” said Mr Strickland.
“There are lots of assets to cover them and there is no intention of putting anyone off at this stage.”
Mr Strickland said it was fundamentally a good business.
“We’re assessing the profitability and cash flow issues and planning to put together a restructuring plan in the next five weeks,” he said.
Mr Strickland said the business will continue and that many of the issues that had resulted in it getting into financial trouble had already been identified.
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