A company that owned a network of petrol stations around Australia has struck a deal to repay a fraction of its debts for environmental contamination of a site earmarked for a local hospital, after its directors were accused of selling off the company’s properties in the lead-up to its collapse.
The liquidator of Zoya Investments had claimed its former directors used company funds to purchase multi-million-dollar Sydney homes, while alleging other properties owned by the failed firm were sold to family members and other companies they directed shortly before it went under.
The allegations were part of Federal Court proceedings that were never tested and have since been dismissed after the liquidator accepted a settlement on behalf of the…