Creditors of a collapsed company in the building sector learned just before Christmas that they will not recover a single cent of their lost money.
Victorian business MMD Concrete Construction Pty Ltd went into voluntary liquidation in September owing more than $1.2 million to creditors.
Of that, $233,000 is owed to the Australian Taxation Office while $240,000 is owed to staff from unpaid wages, leave, retrenchment and superannuation. A further $6,366 of debt was racked up to the State Revenue Office and the Bank of Queensland has an outstanding debt of $30.
However, the rest of MMDs debt, which makes up the bulk, is from related party loans which is where companies or people associated with the director are owed money from the busines…
Read the full article at: https://www.news.com.au/finance/business/other-industries/victorian-company-in-construction-collapses-into-liquidation-owing-12m-no-cash-in-bank-account/news-story/439e8ba8e54a27cf8095574a81d53b40