Toowoomba company went into liquidation owing $3.7m
PETERS Coaches went into liquidation owing more than $3.7 million to creditors, according to the latest report lodged with the Australian Securities and Investments Commission.
Peters Coaches, a family-owned and run company that was in business for nearly seven decades, closed its doors on Monday, December 11, and was placed into liquidation at the direction of shareholders.
Toowoomba liquidator Adam Ward of Worrells Solvency and Forensic Accountants said the company was hit hard by the downturn in the resources sector over the past few years, and that attempts to refocus the business on the tourism industry had proved unsuccessful.
In a report on the company's affairs lodged with ASIC, company director Russell Peters advised the company and its business began to experience financial difficulty around December 2014.
"The financial difficulty arose due to the loss of major contracts as a result of the downturn in the mining industry," the report said.
"The company has suffered continued trading losses resulting in the director placing the company into liquidation."
An initial review of the company's records show assets of $68,655 and liabilities of $3,729,646.
That figure is made up of $3,005,621 owing to secured creditors, $77,243 in employee entitlements, and $646,782 to unsecured creditors.
The 109 creditors claims against the company range from sums as small as $35 through to one individual who is owed $153,083.46.
The company owned 17 coaches and two motor vehicles, all encumbered to various financiers.
Creditors will vote on how to proceed with the liquidation by January 17.