LIQUIDATORS are still chasing money from trade debtors and parties related to ‘manifestly insolvent’ Eaglehawk-based company B. Keogh and Sons Manufacturing, including its chief executive officer.
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Joint and several liquidators Craig Bolwell and Karen Kelson, of Bolwell Kelson Advisory, estimate the recoverable amount from debtors to be between $757,303 – $380,730.
B. Keogh and Sons Manufacturing chief executive John Paul Manning and is among the related parties owing money.
However, liquidators wrote in a report to creditors that they expected to recover money from Mr Manning and and associated companies.
B. Keogh and Sons Manufacturing entered into voluntary administration in March – a decision affecting 25 employees.
An earlier report by administrators outlined millions owing to the Eaglehawk-based company’s creditors.
Liquidators this month estimated superannuation claims by former B. Keogh and Sons Manufacturing staffers at more than $109,000, and more than $25,000 in wages.
Long service leave claims were expected to amount to almost $185,000; annual leave claims to almost $125,000; and nearly $49,000 worth of redundancy claims.
Outstanding employee superannuation and entitlements add up to more than $584,000, in total.
In their report to creditors, Mr Bolwell and Ms Kelson said there would be ‘sufficient moneys’ to pay priority claims in full.
Liquidators sold off the plant, equipment, remaining stock, and assets such as a residential property in Woodvale and an imported GMC motor vehicle in an effort to recover funds for creditors.
Attempts to sell the business had not been fruitful, a report to creditors this week stated, despite attracting four offers and 18 interested parties.
The Eaglehawk site, at York Street, ceased trading in May.
Trading continued on a scaled-down basis after administrators were appointed in March in order to complete work in process.
The liquidator has issued claims for more than $2.5 million against the company’s three directors after concluding B.Keogh and Sons traded while insolvent for a period of time.
“We intend to pursue these claims should they not be paid and commence legal proceedings if necessary,” the liquidators state in a report to creditors.
The winding down process is likely to be ongoing for some time yet, with Mr Bolwell expecting the liquidation to be completed by July 2019.