ROWLANDS CORPORATION LIMITED (ASX.ROW)

receivership terminates in June 2008 and the company is deregistered

receiver advises there is little chance of the receivership returning anything to unsecured creditors or shareholders - the company is entangled in the Geneva Finance Ltd litigation and will remain in receivership until that matter is completed - the timing for the completion of the receivership is beyond the receiver's control

receiver advises that the litigation is no closer to finalisation

receiver reports there has been no further progress

receiver advises that his appointor has commenced litigation against various parties involved with Rowlands and has requested the receivership continue until the litigation is complete - the timing of his retirement is outside of his control

this company has been in the control of a receiver for more than twelve years - see below

according to the West Australian, receivers for the failed Geneva Finance group had a setback when they were unsuccessful in getting a court order against its auditors. The Full Court in Western Australia (WA) ruled the receiver, Peter Quigley, must provide the auditors with more information about how the auditors should have known Geneva loans to Rowlands Corporation and Peter F Collins were inadequately secured. Quigley has taken out a suit against the partners of the firm known as Horwath & Horwath at the time of Geneva's collapse in 1990 with debts of $A30 million

delisted by order of ASX

name changed from Eagle Corporation Limited