Allco Principals Investments Pty. Ltd., which is backed by...

Allco Principals Investments Pty. Ltd., which is backed by directors of Allco Finance Group Ltd. (AFG.AU), said Monday it has appointed an administrator.

In a statement, Allco Principals Investments said it has appointed Stephen Parbery, Mark Robinson and Christopher Hill of PBB as administrators.

Last week, embattled Allco Finance said National Australia Bank Ltd. (NAB) and Bank of Scotland International Ltd. will take possession of a total of 14% of its shares after failing to reach an agreement with Allco executives on their margin loans.

NAB and Bank of Scotland had leant money to directors of Allco through executive trust Allco Principals Investments, which were secured by shares in Allco Finance.

NAB, which had provided a margin loan facility of about A$110 million to Allco Principals investments, said it is assessing an appropriate provision to be included in its results for the six months ending March 31.

Last week, NAB said it will pursue all avenues of recovery against Allco Principals Investments to mitigate its loss.