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UPDATE: Gladstone creditors to meet with liquidators

UPDATE 9AM:

OUT of pocket creditors to Gladstone civil construction and maintenance company Projects Unlimited will be eager to find out what pool of money will be left after "substantial secure creditors" take their share of the liquidator company. 

The meeting today with liquidators SV Partners' Jason Cronan at 2.30pm at the Mercure Hotel will explain to the creditors and eight employees the process since Projects Unlimited went into liquidation on September 15. 

Mr Cronan said the company "expected work to come in but it didn't material" leaving it short of capital. 

Mr Cronan said companies that owed money to Projects Unlimited will also be part of the investigation into what happened. 

"There is money owed to (Projects Unlimited). People don't generally pay money when a company is going into liquidation so we will try and retain that," he said. 

YESTERDAY:

LIQUIDATORS will meet with creditors of Gladstone company Projects Unlimited tomorrow to see what money they can recover.

The civil construction and maintenance company went into liquidation on September 15.

The company had eight employees at the time; any unpaid wages or annual leave will be a priority for liquidators SV Partners once secured creditors are paid.

Liquidator Jason Cronan said they would look into the position of the directors before the company went into liquidation.

"We have to look at what money came in, where the money has gone and claw back any money we can for creditors," he said.

"Work that was expected to come in for the company didn't and that put them in a difficult position."

He said there would be a public auction of assets from Projects Unlimited including vehicles and plant equipment.

The meeting will take place at the Mercure Gladstone at 2.30pm tomorrow. 

Mr Cronan said he wasn't expecting many people to attend. 

Topics:  gladstone, liquidation, projects unlimited, sv partners




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