{"id":41448,"date":"2022-12-14T15:21:12","date_gmt":"2022-12-14T15:21:12","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration"},"modified":"2022-12-14T16:39:39","modified_gmt":"2022-12-14T16:39:39","slug":"adcorp-places-australian-subsidiary-in-administration","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration","title":{"rendered":"Adcorp places Australian subsidiary in administration"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>Adcorp has placed it subsidiary, allaboutXpert Australia (aaX), in voluntary administration, following &#8220;considerable losses on contracts&#8221; at the company.<\/p>\n<p>aaX is a project management firm, which contributed less than 2% of the Adcorp group\u2019s half-year revenue. The Adcorp group operates in Australia and South Africa.<\/p>\n<p>On Wednesday, the group said that aaX suffered &#8220;considerable losses&#8221; on contracts which required extensive investment to remediate.<\/p>\n<p>Adcorp failed to find potential buyers for the business, and after taking legal advice, has placed the company in voluntary administration.<\/p>\n<p>Glenn Livingstone and Alan Walker of WLP Restructuring have been appointed as joined administrators to aaX.<\/p>\n<p>Adcorp insists that aaX forms a negligible part of the Adcorp group as their contribution to group revenue is small. However, in a summary of interim financial results release in October, Adcorp said that its &#8220;overall results were negatively impacted by problems in the allaboutXpert&#8221;.<\/p>\n<p>Adcorp Holdings Australia &#8220;remains both solvent and liquid and its continuing operations are unaffected by this development. The voluntary administration process will aim to maximise the chances of preserving the business of aaX and optimise the return for its creditors and shareholders,&#8221; the company said.<\/p>\n<p>Adcorp&#8217;s share price was virtually unchanged following the announcement on Wednesday. Its shares have lost almost 4% of their value this year.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. Adcorp has placed it subsidiary, allaboutXpert Australia (aaX), in voluntary administration, following &#8220;considerable losses on contracts&#8221; at the company. aaX is a project management firm, which contributed less than 2% of the Adcorp group\u2019s half-year revenue. The Adcorp group operates in Australia and South Africa. On Wednesday, the group said that aaX [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":41447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,17],"tags":[4128,274,315,1280,275],"class_list":["post-41448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-sport","tag-adcorp","tag-africa-press","tag-africa-press-south-africa","tag-jse","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Adcorp places Australian subsidiary in administration - South Africa<\/title>\n<meta name=\"description\" content=\"Adcorp has placed it subsidiary, allaboutXpert Australia (aaX), in voluntary administration, following &quot;considerable los ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adcorp places Australian subsidiary in administration\" \/>\n<meta property=\"og:description\" content=\"Adcorp has placed it subsidiary, allaboutXpert Australia (aaX), in voluntary administration, following &quot;considerable los ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-14T15:21:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-14T16:39:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/12\/postQueueImg_1671018676.79.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"406\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Adcorp places Australian subsidiary in administration\",\"datePublished\":\"2022-12-14T15:21:12+00:00\",\"dateModified\":\"2022-12-14T16:39:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\"},\"wordCount\":230,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/12\/postQueueImg_1671018676.79.jpg\",\"keywords\":[\"adcorp\",\"Africa Press\",\"Africa Press-South-Africa\",\"jse\",\"South-Africa\"],\"articleSection\":[\"all news\",\"sport\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/adcorp-places-australian-subsidiary-in-administration\",\"name\":\"Adcorp places Australian subsidiary in administration - 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