I have a sneaking suspicion that when EMC was purchased they were trading insolvent. A CR was subsequently undertaken to prop them up. I think a lot of debt was hidden and CCE didn’t do proper due diligence. This business has been robbing Peter to pay Paul for a very, very long time. Nothing more than a Ponzi scheme!
Im sure ASIC are now well and truly all over this. It’s now up to KM to pull it apart and put Humpty together but I would not be surprised if we see Directors being held to account for trading insolvent.
A very sad and disapointing day for shareholders and creditors.
As as I have maintained all along, the only person who has benefitted from this sham is Mr Davidson.
I look forward to more more eyes on him and his involvement in the demise.
The Libs and Nats in WA have just called for a Enquiry.
Its on!
Ann: Appointment of Voluntary Administrators, page-8
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