Dick Smith receivers to examine directorsEDWINA PICKLES/FAIRFAX A source close to the receiver said it would be surprising if the examination did not include the directors. Dick Smith collapsed in January under the weight of more than A$400 million in debts, including about A$140 million it owed to its banks. Senior sources from within Dick Smith have always blamed the banks for moving too quickly on the chain and signing its death warrant over what was only a short term "cash-flow pinch." READ MORE:* Dick Smith stores run out of time, NZ outlets will close in May* Dick Smith's misfortune a boon for other retailers* NZ Dick Smith outlets to close in May* Dick Smith is a sad wasteland of defeat and broken dreamsThe source denied the examinations amounted to a fishing expedition, for no other reason than they were "costly and time-consuming to prepare for and run." The last remaining vestige of this once ground-breaking business is the online operation, which is still trading under the Dick Smith brand after online entrepreneur Ruslan Kogan acquired it.

Source: Stuff June 15, 2016 03:45 UTC