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Kleenmaid directors to face investigation

Former directors, Brad and Andrew Young.
Former directors, Brad and Andrew Young. Alan Lander
AUSTRALIA'S corporate regulator has agreed to fund an investigation into the Kleenmaid collapse that could pave the way for charges to be laid against the group's former directors.

Directors Andrew and Brad Young and Gary Armstrong could be held personally liable for the group's debts and face criminal charges if the insolvent trading claims are proved.

Liquidators asked the Australian Securities and Investments Commission for support after concluding the group had a net debt of at least $82 million.

The Brisbane Times revealed today that ASIC has approved the request for cash from its assetless administration fund, which will be announced today.

More at Brisbane Times

Related

Kleenmaid wife loses luxury cars
Kleenmaid director denies transfer of cars
Kleenmaid criminal action looms
Kleenmaid boss in asset sell-off
Creditors vote to liquidate Kleenmaid
Kleenmaid was insolvent in 2007

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