All staff sacked in $7m company collapse

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More than a dozen staff learned at a work Zoom meeting last Tuesday that they no longer had jobs and the business had ceased trading. “Everyone was terminated on the spot.

We were told that there was no more,” one employee, Jimmy*, who did not wish to share his real name, told news.com.au.

Creditors are owed more than $7 million in the wake of the company’s collapse, according to a preliminary report to creditors compiled by the appointed administrator, Mohammad Najjar of restructuring firm Vanguard Insolvency. George Bancs is the sole director of the collapsed firm and is known to drive a McLaren and sport Rolex wristwatches.Fifteen staff members are owed $262,000 with the director, Mr Bancs, owed the most out of the staff.The total amount owed comes in at just over $7 million.

Staff were treated to a dinner at a Merivale restaurant in Manly right before Christmas. Mr Bancs said he paid for this personally from his credit card and did not use company money.last year

 

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