Rainwater tank manufacturer Camel Tanks will be liquidated with more than $2.5m in debt owed to its creditors.
The company was placed into voluntary liquidation on September 21 and it was decided that there was no way it could trade itself out of trouble.
Worrells accountant Adam Ward has been appointed to liquidate the company.
In the report to creditors, Mr Ward said he had identified about $945,000 in assets, the bulk of which was vehicles, plant and equipment valued at $605,000.
The creditors report said Camel Tanks had $69,193 in cash in the bank and $195,000 in stock.
This stands against $2,568,600 in liabilities which includes $1,092,000 owed to secured creditors, $84,000 owed to staff, a $961,175 tax debt, $289,018 owed to tra…
Read the full article at: https://www.thechronicle.com.au/news/queensland/dalby/business/camel-tanks-to-be-liquidated-owing-more-than-25-million/news-story/1d03ce2761e46c34804bd23bdbc246c5?nk=45a26a5c2bae9ad5d220abe566cd04ee-1696676451
