Family owned and operated local business Peters Coaches went into liquidation owing more than $3.7 million to creditors the Australian Securities and Investments Commission has reported.
The business closed up shop on December 11th, 2017. It was then placed into liquidation at the direction of shareholders.
It is believed that the business began to experience financial difficulty around December 2014 arising from the loss of major contracts due to the downturn in the mining industry. The company went on to suffer 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.
The 109 creditor’s 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.