A Victorian solar energy company has plunged into liquidation with debts of $3.8 million.
Creditors voted to place G-Store into liquidation rather than have their debts wiped at a fraction of the cost on Friday afternoon.
G-Store, headquartered in melbourne’s Malvern East and also with premises in regional Victoria in Warragul, specialised in installing custom solar energy and sustainability options into homes.
But last month, the business appointed Philip Newman of insolvency firm PCI Partners as administrator.
All 20 staff lost their jobs as a result. They learned that the business had gone under when administrators showed up at their workplace and had the locks changed.
Just past noon on Friday, creditors discarded the option of taking G-Store out of administration and returning the control to its sole director, Dion Epstein. Instead, they forced the company to be wound up into liquidation.
G-Store’s director, Mr Epstein, personally guaranteed $1.182 million worth of loans. On top of that, the business owes 139 unsecured creditors $2.2 million.
With his company now in liquidation, secured lenders could apply to bankrupt him to recover their money.
Mr Epstein’s father, Robert Epstein, is the director of one of…
