A South Australian manufacturer that launched over a decade ago could be one of the states biggest corporate insolvencies as it was revealed it collapsed owing a whopping $70 million to 530 creditors.
Another casualty was the collapse of its sister company Nexteel, which produced pre-painted steel, and went under owing $18 million to 130 creditors.
The failure of both companies has left 200 employees with $3.2 million in outstanding unpaid entitlements, including superannuation, although the companies continue to trade.
Creditors include ASX-listed finance company Earlypay, which is owed close to $29 million, a bill of $8.7 million pending to the Australian Taxation Office and $4 million for the Japanese industrial conglomerate Mitsui…
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