Creditors haveoverwhelmingly voted to wind up collapsed furniture retailer Brosa one month after the company fell into voluntary administration and sold off assets to Kogan (ASX: KGN) for $1.5 million.
The decision to place the company into liquidation was recommended by KordaMentha administrators Richard Tucker and Michael Korda, who noted Brosa did not receive a deed of company arrangement (DOCA)to bail out the struggling brand.
When the Melbourne-based company fell into voluntary administration, Brosa hadassets of $4.3 million and liabilities of $24.2 million.
While Kogans acquisition of Brosa included intellectual property, goodwill and stock, it excluded all leases and other liabilities.
Because of this agreement, only half of an e…
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