Preliminary investigations by the administrators of dessert king Adriano Zumbos cafes have suggested one of the entities in administration could have been trading while insolvent since mid-2017.
Three of Zumbos businesses, 611 Pty Ltd, Mel611 Pty Ltd and Im So Fancy Pty Ltd, entered voluntary administration at the start of the month, though they continue to trade. Reasons for the voluntary administration were not defined at the time, however, it was revealed the companies had an outstanding debt of about $10 million.
Fairfax reports that according to a new creditor report sent out last week, administrators Anthony Elkerton and Justin Holzman from DW Advisory have alerted creditors that one entity, Im So Fancy Pty Ltd, may have been i…
Read the full article at: https://www.smartcompany.com.au/industries/retail/administrators-report-adriano-zumbos-business-may-have-been-insolvent-while-still-trading/