A Queensland company has been forced into liquidation after a court issued a winding up order for the firm with its accumulated debt topping $16 million.
Bundaberg Farming Co Pty Ltd collapsed after the New South Wales Supreme Court issued a winding up order and appointed liquidator Glenn Livingstone for WLP Restructuring.
The company had functioned as a fruit and vegetable farm, but was not operational at the time of its collapse, according to Mr Livingstone, who said in a report that its demise was caused by a number of reasons including poor financial control.
The liquidator’s report revealed Bundaberg Farming had $16 million in debt with $12 million owed to unsecured creditors, the Courier Mail reported.
There was also $1.5 million…
