Share
965 Posts.
lightbulb Created with Sketch. 303
clock Created with Sketch.
17/10/24
14:24
Share
Originally posted by LPN:
↑
I cant remember exactly, but didn't they have something like $16,000 in cash, and current liabilities of $15M plus at one stage? And a list as long as your arm of invoices that had been 'converted' to 'loans'. Maybe around the last annual report, or the one before that? I'd say that meets the definition of insolvent. Direct quote from the ASIC website says "Insolvency is when a company or person can't pay debts when they are due." So far as I've been bothered to keep track, not all of that could have possibly been paid back and most of it would be coming up on two years overdue. None of the Directors appear to be in jail yet though. It's been a remarkable ride, truly extraordinary. A work of art in deceit and exploitation. Hopefully the merry go round has finally stopped. GLTA.
Expand
maybe garf is getting his credit card out to help?