Mick, thank you for your comment:
And let's just draw a line under this 'it was the employees' money' nonsense. It wasn't. To the extent that the business's remaining cash was anyone's it was the secured creditors. The employees' claim on the business's money is always subordinated to the secured creditors.
I refer you toDeloittes own words:
"Cash at bank on appointment and pre-appointment debtors are classified as circulating assets, and as discussed in section 3.4.4, employees have a priority to be paid out of realisations of circulating assets ahead of secured and unsecured creditors.
Deloittes made a decision.
Furthermore and with respect, I never said Deloittes did anything criminal. However whether what they did was in the best interests of employees, as opposed to other creditors, is another matter.
I also note that as reported this morning, Deloitte is threatening staff with the loss of jobkeeper payments if they don’t approve DOCA.
https://www.theage.com.au/business/c...28-p55qd6.html
‘’You are going to see more of this crap - brutal and ruthless and I suspect you are going to see much more of the same to a level that I don’t even want to talk about.
‘’What comes next? The demise of Scurragh as the new Board focuses exclusively on “exit day” a few years from now, hence there will be no long term planning past that date.