Corsa International ceased trading following the appointment of liquidators and all its retail stores have closed.
According to Hicks and Jeffreys’ first liquidators’ report, the pair have entered into an agreement to sell the company’s stock at all sites and fixed assets at two sites.
The pair also identified two motor vehicles not recorded in the company’s books, and have since confirmed that no security interests were registered over them. The vehicles will be sold by auction.
Stock at two of the company’s sites was excluded from the sale and will also be sold by auction.
Hicks and Jeffreys froze the company’s bank accounts and cancelled all its credit cards on appointment, and found a $250,313 net overdraft in the…