A Queensland-based financial services company has collapsed into liquidation with millions of dollars in debts.
The Australian Tax Office is reportedly the largest creditor of Gold Coast-based firm Members Alliance and its related entities, with the Gold Coast Bulletin reporting the ATO is owed $29 million.
Of that figure, the company, which was evicted from its rental property earlier this year over unpaid rent, owes $7 million in superannuation to around 90 employees and $800,000 in entitlements to staff from a labour hire firm.
The Gold Coast Bulletin also reports some 30 clients of the company have been left with half-built homes as a result of the collapse.
Jason Bettles and Raj Khat…
Read the full article at: http://www.smartcompany.com.au/finance/cashflow/73812-financial-services-provider-members-alliance-collapsed-into-liquidation-with-debts-of-close-to-30-million/