According to their first report, Libelle’s cash reserves were “exhausted” and it was no longer able to purchase essential goods and services to enable ongoing trading after paying employee wages on March 6.
“We understand that the director, after taking advice and considering alternative options, resolved to appoint liquidators by reason of the company’s liabilities and all other circumstances,” it read.
The report said an investigation into the affairs of Libelle would be undertaken and it was not yet known if this would disclose any other reasons for liquidation.
It said Libelle owed $14,331,000, made up of…
