The company at the centre of Victoria’s recycling crisis will be wound up after it was declared insolvent in the Supreme Court of Victoria.
Key points:
- SKM earlier warned 400,000 tonnes of material could end up in landfill if it went under
- An Australian Workers’ Union representative said the company was “too big to fail”
- But the State Government has said it will not bail SKM out
SKM owes 16 creditors more than $5.5 million and after being given an extension to pay the money back, its lawyers today told the court it could not come up with the cash.
A liquidator will now be appointed to refund the creditors.
The case was led by logistics company Tasman, which claimed it was owed $3.35 million.
A further 15 creditors were chasing smaller debts,…
