Company set to be deregistered

THE last chapter in the SP Exports saga is about to be written, with the company to be deregistered soon.

Liquidator John Shanahan, senior managing director of FTI Consulting, chaired a meeting of creditors in Bundaberg last week to finally put the issue to bed.

But Mr Shanahan said interest in the situation was fading as creditors realised there was no more money to be paid out.

Only one creditor attended the meeting, with Mr Shanahan holding proxy votes from two others.

Mr Shanahan said there were 245 creditors still owed money to a total of $23,951,845.69.

Sums owed ranged from $400 to one creditor to a total of more than $8 million to another.

The company also owed $421,030.25 to the Department of Education, Employment and Work Relations.

The Childers-based company went into voluntary administration in mid-February 2012 after months of financial difficulty.

At the time the administrators called in to salvage the company revealed it owed more than $30 million to creditors and $500,000 in wages.



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