A leading Victorian company has collapsed owing tens of millions of dollars and leaving all of its employees without a job.
Richstone Group Pty Ltd, the states largest privately-owned plumbing contractor, last month announced it was entering voluntary administration and restructuring.
BRI Ferriers David Coyne and Peter Krejci were tasked with acting as joint administrators for the company and will now serve as liquidators.
Documents lodged with the the Australian Securities and Investments Commission (ASIC), obtained by news.com.au, show the company owes upwards of $22 million to creditors.
The documents sent to the corporate watchdog also revealed that it had only $61 in its bank account at the time of insolvency.
In addition to the …
Read the full article at: https://www.skynews.com.au/business/finance/richstone-group-collapses-owing-creditors-22-million-and-leaving-150-staff-without-a-job-following-complications/news-story/17f5fcafc4b2200f5f72631666e9abf7