According to Newscorp papers liquidators are scrutinizing a company run by the children of a collapsed truck repair group.
Gold Coast business, Truck Repair Group (TRG) went into voluntary liquidation in December last year (see original Paint & Panel article here) owing money to a host of suppliers and contractors.
Scott Hunter was director of the company and its sole shareholder was Natalie Hunter of the same address.
The assets of the original Group were sold to a new company directed by the Hunters’ children, Jasmine and Joshua.
The new business continues to operate from the same locations and still uses the original website.
The liquidator, Nick Combis of Vincents, said the sale price of the original business fell short of its true value by over a quarter of a million dollars.
Combis requested the difference between the purchase price and the determined value be paid to the liquidated company.
When that amount was not paid by a due date set by Combis, the liquidators began winding up procedures against the new business.
That application was lodged with the courts on June 25.
Combis also had questions about a number of vehicles that were purchased by the original company but never recorded as assets, and also expressed concerns that the company may have traded insolvent from 2022.
On behalf of the new entity, Scott Hunter told the Newscorp papers that the business is currently working closely with accountants and lawyers.
“The proceedings relate to legacy issues from a former entity and are not a reflection of the current operations or structure of TRG Group of Companies,” he said.
“As this matter is still before the court we will not comment further, however our focus remains on operating the business effectively and addressing any historiacal matters through the appropriate channels.”
The Australian Taxation Office is reportedly owed over $2.5million and Truck Parts Sydney is owed nearly $200,000.