Australia-based organic poultry business Inglewood Farms has entered into administration after the company's directors announced their intention to resign after shareholders indicated that they would not provide funding to continue operations.
PPB Advisory's Stephen Parbery and Greg Quinn have been appointed as receivers of the company which has been struggling under a debt of A$60m ($54.26m).
Parbery said that the priority is to support the team at Inglewood Farms in order to ensure that the business can continue operating.
PPB is initiating an urgent review to prepare the business for a sale and the company is working with a number of stakeholders to try to secure the future of the business.
Inglewood Farms, a subsidiary of RM Williams, is an organic free-range chicken producer with an 80% share of the Australian organic poultry market. The company houses about 3,00,000 birds at its facility and processes 27,000 birds per week and employs about 100 people.
