Creditors of collapsed kitchen and laundry appliance company Kleenmaid have voted for the company to be wound-up, snuffing out any hopes that founders Andrew and Brad Young had of resurrecting the business.
The second creditors meeting in Brisbane ended just before noon AEST today, with around 50 creditors and former customers in attendance. Most creditors have little chance of seeing any return on their debts, with total more than $100 million.
The meeting was attended by the Young brothers, who had previously promised to unveil a deed of company arrangement that would allow the company to be restructured. But a DOCA never materisalised.
The Young brothers have been at the centre of a number of controversies following the collapse of Kleenmaid.
Late on Friday, administrator John Greig of Deloitte confirmed that police were called to Kleenmaid’s head office on Queensland’s Sunshine Coast after the Young brothers attempted to remove files without the consent of the administrators.
“The administrator’s staff were stopped from reviewing the records that the directors sought to remove from the office and became concerned for their safety and called the police. The police remained at the Maroochydore head office until the directors left the premises,” the administrators said in a statement.
“The voluntary administrators did not willingly allow any company records to be taken from the premises, and have written to the directors demanding their return.
“This matter has been reported to ASIC and the police for further investigation. The police remained at the offices until the Youngs had left at the incident has been referred to the Australian Securities and Investments Commission.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
