A sydney aluminium business has collapsed under $9.6m in debts, with all staff sacked on the spot and liquidators probing allegations it used unpaid taxes and superannuation to stay afloat.
Leda Aluminium – which specialised in the manufacture and installation of commercial and residential aluminium windows, doors, curtain walls and shop fronts – was tipped into liquidation last week after no rescue deal was put forward by the director.
All 53 employees were fired on the spot when administrators were first appointed in February, leaving an estimated $2m in unpaid wages, leave, redundancy, and superannuation.
Unsecured creditors owed $7.62m are also expected to walk away empty-handed.
It comes as liquidators allege management traded while insolvent since “at least” January 2024, essentially using unpaid taxes and over $245,000 of stolen employee superannuation as their daily working capital.
The business had a main showroom on Naughton St in Sydney’s west, according to its website, and had customers ranging from designers of large architectural properties to residential homeowners.
Due to the immediate shut down of the company, several jobs were left partially completed, leaving a number of outstanding customer projects…