Deposits and gift certificates will be honored at all retail stores, announced the receivers and managers for debt-laden Clive Peeters Ltd. Phil Carter and Daniel Bryant from the corporate recovery firm PPB Pty Ltd were appointed by National Australia Bank, the whitegoods and electrical appliance retailer's banker, to supervise all aspects of the business.

Mr. Carter said, "Following an urgent review of the business and discussions with key stakeholders, we are pleased to inform customers that deposits and gift certificates will be honoured at all Clive Peeters stores".

He shared that PPB has started a formal sale process for the business and that all Clive Peeters stores are trading normally. Though, there are a lot of parties who are already interested in acquiring the business as a going concern.

Clive Peeters had $160 million in debt, out of which NAB owed a sum of $38 million by December 31, 2009. The first meeting of creditors must be held by May 28, opined Administrators McGrathNicol.