"The directors of Big Review TV might have breached several of their duties by paying themselves excessively and failing to produce accounts for three years, the administrator of the subsidiary of Big Un has concluded."
Can't post the rest because it is a paid subscription service but here are the key points:
Sonia and Brandon are claiming $1.8 mill as creditors (WTF)
Richard is claiming $604,643 as a creditor (LOL)
Sonia, Brandon and Richard received $1.3m as 'management fees' from BRTV from June 30 2017 to May 21 2018. (WOW)
Company bought four Teslas which many of you will have seen pictures of
All of the above stuff 'may' be in breach of Corporations Act because they were getting BIG to pay for stuff for their own personal advantage (It's not me saying it, this is coming from the Administrators)
Failed to produce financial accounts for BRTV for 2015, 2016, 2017
DW Advisors reaffirmed FC Capital arrangement meant BRTV got financing BEFORE the customer had agreed to pay for the production and licensing of videos
"The withdrawal of financial support did "most likely" lead to the insolvency but DW Advisors' Mr Elkerton and Mr Gray said a "high cash burn in expenses that exceeded sales, "excessive wage costs" and "inadequate management skills" also contributed to its fate."
There's more details but I think you get the gist of it.
I think this is dead and buried, just waiting for the cremation now. I can't believe the people runnin' this rat ship are putting up claims as creditors!
