Hills has informed the Australian Securities Exchange that Hall Chadwick administrators Sule Arnautovic and John Vouris have been appointed by lenders AMAL for a period of six weeks for the company.
The administrators were appointed last Friday, taking charge of eight Hills related entities.
On that same day, the director of Hills Health Solutions also appointed Arnautovic and Vouris as administrators.
In a listings compliance statement to the ASX [pdf] the administrators said they are undertaking a preliminary review and assessment of all of the Hills companies, with a view to determining the extent to which can be restructured or recapitalised.
The Hills companies will continue their business for now.
On May 26, the chief executive of Hills, David Clarke, informed the ASX that Hills Health Solutions had lost its court battle against appeal by Stellar Vision Operations over a contractual dispute going back a decade.
A judgement of close to $5.5 million with costs on top was made by the Court of Appeal on May 18, Hills said.
Following the judgement, Hills went into trading halt on May 25, and suspension from quotation on May 29 this year.
Historical Holdings' Harley Whitcombe and Gunalan Jeganathan, chief executive of electronics wholesaler Arlec Australia, resigned as non-executive directors on May 29 as well.
Hills, which sold its IT and security business to Dicker Data last year, received a $6 million debt facility from Causeway Asset Management in September last year, to provide finance working capital and funding for growth.
Its full year 2022 annual report showed a loss of $24 million, which Hills said reflected difficult trading conditions due to the COVID-19 pandemic.
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