“This led to an application being filed in the High Court seeking the appointment of an independent manager to investigate the company’s affairs and determine how its business should be managed,” McCullagh and Lawrence wrote.
In 2018, Jeffre Meltzer of Meltzer Mason was appointed as manager of the company.
It ceased trading in 2019. All its assets were realised under Meltzer’s supervision.
The recovered funds were applied to discharge the company’s liabilities, the PKF accountants noted.
Subsequently, the company’s shareholders applied to the High Court for it to be placed into liquidation to enable its orderly winding up.
Trade creditors claim to be owed $381,000, a $132,600 loan from a related…