News

Company collapse leaves $1.8 million sting

STUNG: Cameby Downs Mine contractor CGE has gone into liquidation, owing around $300,000 to businesses in Dalby, Chinchilla and Miles.
STUNG: Cameby Downs Mine contractor CGE has gone into liquidation, owing around $300,000 to businesses in Dalby, Chinchilla and Miles. Contributed

WESTERN Downs businesses have been burned by a long-term contractor for Cameby Downs Mine, after the business went into liquidation owing a total of more than $1.8 million.

Dalby's Skyreach Pty Ltd, Chinchilla's MFE Pty Ltd and Miles' Kelly Green Pty Ltd together are owed roughly $300,000 after Conveyor and General Engineering Pty Ltd (CGE) went into liquidation last month.

Liquidator Morgan Lane, of Worrells Solvency and Forensic Accountants, said CGE owed unsecured creditors a total of $1,585,000 and a further $180,000 in unpaid employee entitlements.

At the time of liquidation, CGE was also involved in a lengthy Supreme Court battle which began in 2013 with Basetec Services, with the latter claiming CGE owed them $1,674,000. That claim is disputed by CGE.

Mr Lane said the company's collapse was in part due to "the downturn in the mining industry and that major legal action".

A spokesperson for Cameby Downs Mine confirmed CGE was contracted directly to provide services to the mine.

"We generally determine contractors on the basis of the capabilities, capacities and experience of contractors, most commonly via a competitive tender process," he said.

"In the event a contractor enters insolvency and invoices are yet to be paid, we will meet our contractual obligations, which may include discussions with the appointed liquidator."

At a meeting of creditors on Tuesday, it was agreed that Worrells would continue on as liquidator of CGE. However, with the company's assets secured by Westpac Banking Group, Mr Lane said it was unlikely unsecured creditors would ever see any of their outstanding debts, based on present known information.

Topics:  business cameby downs mine cge chinchilla dalby liquidation miles


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