Every creditor of former senator Bob Day’s home building group except National Australia Bank is likely to come away with nothing, liquidators say.
Liquidators for the Home Australia group met with creditors in Sydney and Melbourne on Thursday.
“The information available to us suggests unsecured creditors will not receive any money,” McGrathNicol’s Matt Caddy said in Melbourne.
The creditors for Huxley Homes, the NSW arm of the group, were told it had $150 in the bank and the group owed $19 million.
The Sydney meeting was told all employees had been made redundant and selling the whole business would not recoup costs.
The only secured creditor is National Australia Bank, which liquidator McGrathNicol’s records show is owed $11.44…
Read the full article at: http://www.9news.com.au/national/2016/11/03/06/50/senators-companies-face-creditors