Meantime another rumour has it that the new owner may be snivelling on his promise to look after staff entitlements as part of securing their vote for a deed of company arrangement. Is this true? If so, staff would have been better to have voted it down, forcing it to be wound up, and allowing them access to a GEERS payout. Liquidation may also have had the effect of opening a proper investigation into whether or not the former owners/management traded while insolvent. Had that happened they would be wetting their pants instead of laughing all the way to the bank.
Seems this saga has some time to play. Great for the lawyers; probably not so great for the former staff as any remaining money held by the Administrator gets gobbled up.
Last edited by Mach E Avelli; 31st August 2009 at 10:17.