Westpoint deficit balloons to $451m

The Federal Court yesterday appointed liquidators to the Westpoint group. The West Australian reported that the Australian Securities and Investments Commission yesterday succeeded in an application to appoint insolvency firm PPB as liquidators of Westpoint Corporation. The Federal Court heard that the group's receiver, Oren Zohar, found the company to be insolvent with an estimated deficiency of assets to debts of $451 million, and that this estimate compares with early estimates by Westpoint's auditors, KPMG, of a shortfall of around $70 million.