Stricken wide-format supplies business Starleaton has finally been placed into liquidation, with the company not making any of its $33,000 a month payments required under its DOCA for the past three months.
The former $20m a year family-owned business initially placed itself into voluntary administration in January last year, and then successfully gained its DOCA (deed of company arrangement) two months later.
Starleaton went into administration with debts totalling $17.5m, and with only $1.93m in realisable assets, unsecured creditors were facing the prospect of zero cents in the dollar on their outstanding invoices. Trade creditors were owed $3.56m
The…
