The company behind the Coles and Woolworths soft plastics recycling program has been declared insolvent after failing to pay storage fees for the thousands of tonnes of plastics it secretly stockpiled around the country.
RG Programs and Services Pty Ltd, which trades under the name REDcycle, was wound up by order of the NSW Supreme Court on Monday morning and a liquidator has been appointed to take control of the failed business.
REDcycle bins were placed inside nearly 2000 Coles and Woolworths supermarkets before the program collapsed.
But the financial collapse of REDcycle will not affect the rescue plan launched last week by the supermarket giants to take control of the 12,400 tonnes of plastics found inside 32 warehouses in NSW,…
