without any access to their records, one can only speculate. For any company (big or small), cashflow is the key. When you read that the majority of students had paid in advance (they should have read this forum first!
), it probably infers that they didn't allocate their c/flows correctly. the tendency when an entity collects a lot of funds in advance, is to spend spend spend without regard to what the funds are actually for which, in this case, includes FUEL, unless you have someone who knows what they're doing.....apparently I don't think they did.
Pretty dodgy that the director is able to 'up and go' without due regard to the unpaid creditors from his past endeavour. C'mon ASIC...do your f###ing job.
