Dick Smith's fate won't be known for another six months

Picture: Business Insider/Simon Thomsen

The first meeting of Dick Smith creditors took place in Sydney today, where administrator Joe Hayes from McGrathNicol told the 150 people in the audience that it would be impossible to solve all issues by the February 9 deadline.

Hayes said that the administrators would make a court application next week where it’s expected the bank-appointed receivers will ask to delay the date of the decision-making second creditors meeting to closely examine sales transactions and Dick Smith’s financial future.

Oddly, of the 150 or so people representing over 350 unsecured creditors owed $250 million, not one of them asked a single question of McGrathNicol during the meeting. This includes those representing 3300 staff who are owed over $15 million in annual and long service leave.

Since Dick Smith went into receivership last Monday, receiver Ferrier Hodgson has been trying to work out what to do with it, even advertising for expressions of interest across Australia and New Zealand.

Out of the 12 subsidiaries in the Dick Smith Group, it has been confirmed 9 are in receivership and 11 are in administration. Mac 1, Dick Smith’s Apple reseller, is the only one not to be affected.

The creditors meeting has come just four days after former Dick Smith CEO Nick Abboud resigned.

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