McKinnon and Parker took over the running of PET in mid 2020....

McKinnon and Parker took over the running of PET in mid 2020. They inherited over $50m in cash, receivables, inventory and no debt.
How did they destroy the company in a little over 3 years?
The first act of McKinnon was to relocate head office to Melbourne. All Sydney head office staff left the company as did Winks and later Traill. The company lost decades of corporate and operating experience in a very short period of time.
They then destroyed the sales relationships with the Chinese, SeaPro and Europeans. McKinnon employed a bunch of new sales people who haven’t delivered. US has been a disaster. The sales that they did make were mainly to existing customers.
A lack of sales and high operating costs has seen cash reduce quickly.

I know some HC posters have different views, but PET was a success before McKinnon and Parker took over. 2019 had sales of $22m and cash receipts from customers of $28m. KPMG would not sign off on the 2020 accounts as it was not provided with evidence of fraud allegations.I have no doubt that KPMG would defend any action bought against it.

PET is seeking voluntary winding up because McKinnon and Parker destroyed the company within 3 years of taking it over. The board backed them all the way, paying them large bonuses on top of large base salaries.