Receiver Ferrier Hodgson has said it won't honour gift cards or refund deposits on goods, prompting the Australian Competition and Consumer Commission to ask for more detail.
Independent senator Nick Xenophon has called on the corporate watchdog to urgently investigate the collapse and has requested a parliamentary inquiry into whether the Australian Securities and Investments Commission missed warning signs.
"I think it's about time we put the blow torch on some of these private equity firms about their tactics about the way they do things, it could all be within the law but if that's the case then maybe the law needs to be changed."
He also says he hopes Dick Smith will continue to trade for the sake of the employees.
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