Board-maker in receivership

By ELLEN READ

Just after announcing it was off to warmer climes in search of lower costs, boogie board manufacturer Broady International has been placed in receivership by creditors.

Receiver Rowan Chapman of Gosling Chapman said he had not yet examined the company's financial records and could not comment on the amount of money involved.

Broady International said on Thursday that it was moving to Indonesia, tempted there by lower fixed costs and cheaper labour. A distribution centre and custom board plant is also planned for Australia's Gold Coast. But Mr Chapman said this plan could be in jeopardy as any equipment en route could be recalled to settle the outstanding debts.

The Albany-based company is understood to have packed its equipment on to ships a week ago.

Companies Office records show two finance companies, SH Lock and UDC Finance, have current charges against Broady International.

Broady Indonesia Global director Brian Thorrington said yesterday that the issue was a breakdown of communication and the overseas operations would not be affected.