Already a subscriber?The founders of debt collections and high-interest lending group Panthera Finance were forced out of the company by administrators after they fell out over the operations of the Brookfield-backed business.
It is the second local company backed by Brookfield that has been struck by debt woes, with Healthscope, Australia’s second-largest privately owned hospital group,Panthera’s operating businesses are not in administration, and documents lodged with the Australian Securities and Investments Commission show deep dissatisfaction with governance and tensions at a board level led to PwC’s appointment.
Minutes of a creditors’ meeting, held earlier this month and filed with ASIC on Friday, show Jamie and Mathew Hough were replaced on the board of the company and its operating businesses after PwC’s appointment as administrators last month. In separate Federal Court filings, the administrators said the two brothers were “engaged in long standing and significant disputes with each other, and accordingly, were unable to effectively, efficiently and properly govern those companies’ affairs”.
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