Commander goes into receivership

In a statement issued to the ASX, Amanda Lacaze, Commander's managing director and CEO, said the announcement was made "with great regret."

Steve Sherman and Max Donnelly of Ferrier Hodgson have been appointed as joint voluntary administrators for Commander and its subsidiary companies. The appointment follows a request by Commander yesterday to stop trading of its shares. Shares were trading at just $0.082 at the time of the halt.

Receivers, Peter Anderson, Chris Honey and Joe Hayes of advisory group McGrath Nicol, have been appointed by Commander's lenders after a decision not to further extend the period for repayment of their facilities.

"It is the Receivers' intention that all current Commander services will continue uninterrupted whilst the sale process is undertaken, and that all Commander customer needs continue to be serviced," said Peter Anderson, Partner at McGrathNicol in a media release.

"There are no plans for major structural changes to the business while the sale process is underway."

With pre-tax profits for the financial year falling short of its forecasts set in late January, the company has been battling mounting debt and increasing pressure from its creditors.

A recent move to shift its Affinity IT Recruitment business fell through when Commander was unable to secure a purchaser.

Some of the associated companies involved in the appointment include RSL COM, Unitel Distribution, IPEX ITG, iBurst, LSP Communications, Axon Computers, 1410 Communications, Rocfo, Call Australia, Unitel Distribution, NewTel Services, Fixed Wire Holdings, Budget Telecom, SC Communications, the Volante Group, Direct Collection Services and Multelink Services.

More news to come.