ASIC has exercised its wind-up powers and appointed liquidators to 11 abandoned companies in a bid to assist employees gain access to the Fair Entitlements Guarantee scheme (FEG), which is designed to assist employees recover owed unpaid employee entitlements because of their employer company’s liquidation or bankruptcy.
The 11 abandoned companies owe at least 29 employees in excess of $650,000 in employee entitlements.
Several big four firm partners were appointed to various companies, including Robert Woods of Deloitte for The Promolounge, Timothy Norman of Deloitte for 51Pay, and Derrick Vickers of PwC for Bread Alone.
Mid-tier Bentleys Corporate Recovery partners Tracy Knight and Hugh Armenis were appointed as liquidators of EPS Worldwide Au and Duramic respectively, while Pitcher Partners principal Leigh Prior is serving as liquidator to TLT Constructions.
Meanwhile, Rodgers Reidy directors Shane Cremin and Gary Fettes were appointed as liquidators of Commercial Monitors Australia and Superior Exhaust respectively, while FTI Consulting managing director Ross Blakeley is serving as liquidator to Casselson.
Lastly, SV Partners directors Michael Carrafa and Anne Meagher have been appointed as liquidators to Refined Project Management and Coes Company Australia respectively.
ASIC has said that the appointment of liquidators will also facilitate full and proper investigations into why the companies failed and will allow recovery of any voidable or unreasonable director-related transactions.