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Home Business News The Agency awarded injunction against Magnolia, voluntary administration not valid

The Agency awarded injunction against Magnolia, voluntary administration not valid

Magnolia Capital’s purported appointments of administrators BDO to The Agency Group (ASX: AU1) will have no effect, following a Federal Court order after the targeted company applied for an injunction.

Magnolia-affiliated MCL 105 Pty Ltd, which is controlled by AU1 minority shareholder and former director Mitchell Atkins, claimed to have appointed voluntary administrators to the property group over alleged debts.

The Agency states the alleged and disputed debt of approximately $385,000 relates to “alleged fees on a financing mandate where MCL 105 Pty Ltd delivered nothing”.

“This morning the Federal Court ordered that the purported appointments would have no effect (other than in relation to various technical…



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