The embattled Australian firm was given until the end of March to unveil a comeback plan to its major lenders after announcing a staggering £493m loss for the six months to December 31. However, with the deadline now elapsed without any formal statement from Slaters' management, shareholders in the ASX-listed firm have been left in the dark as to whether an agreement has been reached. Slater & Gordon shares closed down 9.4 per cent on A$0.24 per unit.

The bulk of Slaters' hefty loss stemmed from a writedown on goodwill attached to its £677 acquisition of the professional services arm of UK insurance outsourcer Quindell. The firm is yet to confirm how many of its approximately 3,800 UK employees might lose their jobs as part of any restructuring undertaken to help the firm stay afloat. If lenders are dissatisfied with Slaters' proposal, they can call in outstanding debts by April 2017.

Source: Law Society Gazette