UNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them in the final distribution of assets in spite of payments for liquidation, administration and legal fees totaling around $1.5 million.
It is probably what we expected, we never thought we would get a big payment, but it is a blow nonetheless, said grower creditor Ian Trevethan, based in the southern Riverina in NSW.
Convector Grain went into administration in 2013, with debts of around $15.3 million to 240 creditors.
Mr Trevethan said it was disappointing to see the finance industry take such big chunks out of the remaining assets that nothing filtered back to people owed money by the company.
It…
Read the full article at: https://www.northqueenslandregister.com.au/story/5795294/convector-liquidation-process-questioned/?cs=4750
