Projects Unlimited directors likely to lose assets

The former headquarters for Projects Unlimited is now just an empty building as liquidators comb through the company’s finances.
The former headquarters for Projects Unlimited is now just an empty building as liquidators comb through the company’s finances. Paul Braven

DIRECTORS John and Ananta Kolesky are likely to lose some of their assets with a personal guarantee almost certain to be called in to recover more than $1 million owed by Gladstone company Projects Unlimited.

Liquidator Jason Cronan, who held a meeting yesterday on behalf of SV Partners at the Mercure Hotel, told nine creditors the process through which they might recoup the money owing to them.

Projects Unlimited has worked in civil construction and maintenance in the region since 2005.

"They (the Koleskys) are likely to have personal guarantees as directors that secured creditors may chase," he said.

He said though smaller creditors at the meeting were hopeful they would get their money back, there were people ahead of them in the queue to be paid.

Banks and employees had first call on any funds recovered.

"Employees (there were eight when the company went into liquidation) will be a priority after the banks and then we will try and repay the creditors," he said.

The meeting went for longer than Mr Cronan expected because the creditors were "inquisitive" and wanted to know how the liquidation process worked.

Projects Unlimited went into voluntary liquidation on September 15 after the amount of debt became too large to handle.

"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."

Assets will be sold at public auction and that would help with repayments.

Mr Cronan said it was too early in the investigation to know whether there would be enough money left to pay out all of the creditors.

Money owed to Projects Unlimited has yet to be added to the payment pool.

"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," Mr Cronan said.

Creditors leaving the meeting declined to comment on the advice of their lawyers and the Koleskys have not returned our phone calls.

Mr Cronan said he recommended people contact accountants and advisers before they were forced into liquidation.

"Monitor your payments and your debt returns. Have a vigilant debt return system," he said.

Topics:  business gladstone

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