Diversified recruitment and HR group Rubicor, and its various subsidiaries, has gone into administration, with a creditors meeting scheduled to be held next week.
As well as operating under the Rubicor brand, the group also operates various divisions under different brands, including Xpand Group, Choice HR, Gemteq, Dolman, Skillsearch, CiT, Ensure Recruitment and Steelweld Personnel.
Other brands under its ownership include SMF Recruitment, James Gall & Associates, Locher and Cadden Crowe, among others.
According to a combined notice of appointment and first meeting of creditors, issued by ASIC on 7 August, Joanne Dunne and John Park of FTI consulting have been appointed as administrators.
The notice said that the first meeting of creditors will be held at 10am next Thursday, 15 August, at three locations simultaneously:
- FIT Consulting’s offices at 345 Queens Street, Brisbane
- FIT Consulting’s offices at 600 Bourke Street, Melbourne
- The Wesley Conference Centre at 220 Pitt Street, Sydney
Creditors wishing to attend the meeting have been told to supply their proofs and proxies to the administrators by 4pm on Wednesday, 14 August.
As of early Thursday (8 August), the company’s website was still live, stating that the group “has been listed on the Australian Securities Exchange (ASX) since 2007”. A spokesperson for the ASX confirmed that Rubicor is still listed, but trading has been suspended pending the outcome of the administration process. Its share price as of 8 August was 1 cent.
The last statement to the ASX posted on Rubicor’s website was its preliminary financial results for FY2018, made on 31 August 2018. Its social media channels — including its LinkedIn account, which has 10,042 followers — have also not been updated since at least February this year.
Rubicor’s website states the company has 17 offices globally, including in Australia, New Zealand, Singapore and Hong Kong, and some 2.6 million registered candidates.
A spokesperson for the administrators declined to respond to specific questions, but issued the following brief statement:
“The administrators are continuing operations as business as usual, with a view of formulating and considering possible restructuring plans to enable the continuation of the business beyond a voluntary administration.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.