UPDATE, 5.30pm: Flynn Transport owes an estimated $2.5 million to unsecured creditors, according to the forensic accountant handling the liquidation of the company.
Morgan Lane, a partner at Insolvency firm Worrells, said three companies which comprised Flynn Transport were being wound up and it was estimated that two of them carried the debts.
One of them, Flynn Transport (NSW) Pty Ltd, owed an estimated $1.5 million, while the other, NSW Employment Company Pty Ltd, owed $1 million.
“At the moment it is in very early stages and we are still trying to work through a lot of the figures,” Mr Lane said.
According to the company’s own paperwork it could optimistically expect to receive a surplus of $2.3 million from …
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