Yeah administrators hourly rates often around $500 per hour they will eat up a lot of the money quickly.
Employees should be covered by GEERS for entitlements.
ATO is unsecured as specified. Unless a director penalty notice was issued then different kettle of fish but highly doubt it. Any unpaid super can potentially fall on directors under new rules along with unpaid payg withholding.
Bank never loses and imagine some directors would have possibly signed personal guarantees either way to pay off any debt.
Shareholders left with little chance to recover anything but a capital loss on the tax return (once liquidator decides nothing is coming)
A long and drawn out process coming out no doubt.
Learn lessons and move forward.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Not Held
