It is too early to know whether Pindan creditors will get anything out of the collapsed company, according to its administrators.Administrators say there was little money in Pindan's accountsAll of Pindan's construction operations have ceased and more than half the staff have been let go following the company's collapse last week.
"There will be some people significantly out of pocket, and that's why at the meeting today, there was a lot of emotion in the room and understandably so." "I'm doubtful there'll be anything left for us by the time secured creditors have their hands on it and obviously employees have their entitlements."Mr Holling said he was disappointed Pindan directors did not turn up to the meeting.
"They're owed hundreds and hundreds of thousands of dollars collectively and there's limited places to go," Mr Buchan said.
Amazingly shonky that when receivers or liquidators are appointed, there is no part of the Corporations Act or the Corporate Insolvency Reforms Act (2020) that requires company directors to actually front up to these meetings. No penalties at all... Pindan PindanInsolvency