Ann: Sale of Northern and Southern Region Assets , page-12

I would begin your investigation with this report because after this things went awfully mirky and I believe there may well be a case against Kagara directors who misrepresented how much was owed to creditors on an ongoing basis and were trading for months whilst being clearly insolvent. At the end of 2011 for example they had 50 million in consolidated cash and 50 million owing to creditors, which blew out to 150 million plus at the start of the admin period with close to zero cash. That was also after a 68 million dollar asset disposal of Lounge Lizard, which most appeared to go to administrators and new excessively expensive refinancing arrangements. Somewhere an awful lot of money disappeared and 100 million of outstanding debt suddenly appeared. Good luck with it. The high AUD and commodity prices that never recovered were mostly at fault. Demand in China is falling off a cliff, so KZL never would have survived at any rate. You should download every financial report from 2011 on from the forum before it all disappears. Follow cash at bank and outstanding to creditors in the reports and you'll see the discrepancies with what the admins later reported.

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