A report by administrators FTI Consulting into the solvency of Clive Palmers Queensland Nickel refinery near Townsville has recommended the company be liquidated, ahead of a creditors meeting next Friday.
The creditors will meet on April 22 to decide whether to place the company into liquidation with debts in excess of $100 million, including more than $73 million owed to around 800 employees who lost their jobs last month.
The FTI report says the business does not have enough cash to pay the workers.
With unsecured creditors likely to receive no more than 50 cents in the dollar, responsibility for some of the unpaid redundancy entitlements of workers will fall to taxpayers under a federal government scheme. …
Read the full article at: http://www.businessinsider.com.au/administrators-say-clive-palmers-queensland-nickel-should-be-liquidated-2016-4