A DELOITTE insolvency expert has told a court how the loans between Kleenmaid-run companies brought the company down.
Richard Hughes, a Deloitte financial advisory partner, told the Brisbane District Court on Monday a web of loans ensured that when one Kleenmaid-run company was declared insolvent, the many others collapsed with it.
Former Kleenmaid directors Andrew Eric Young, 62, and Bradley Wendell Young, 44, have pleaded not guilty to fraud and running the company while it was insolvent.
The former Sunshine Coast-based whitegoods company collapsed in April 2009.
The court has heard Kleenmaid was made up of a number of companies organised into two groups – the Orchard Group and the Corporate Groups.
Mr Hugh…
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