A lack of recent hailstorms is just one of the reasons why a nationwide panel beating group has collapsed owing almost $5million to creditors.
Seven companies operated by Action Smart Group are in liquidation with debts of at least $4.7million, including an eye-watering tax bill.
The nationwide panel beating group blamed a lack of major hailstorms in recent years and the business growing too fast, too soon for the demise of its workshops in New South Wales, ACT, Victoria, and South Australia.
Dozens of small paint and panel beating businesses across Australia have also lost thousands in the liquidations and are unlikely to be repaid.
The companies, directed by gold coast‘s Adam Blackwell, went into voluntary liquidation on April 2, and hired liquidator Steven Naidenov of Aston Chace.
Documents lodged by Mr Naidenov with corporate regulator ASIC revealed the companies owed at least $4.7million.
Action Smart Group had authorised repairer deals with insurance companies including NRMA and sent hail damage work to small…
