What you should know about Kleenmaid

Secured creditors (banks) $29 million, England & Young Holdings Pty Ltd $9 million, 4,500 customer deposits $27 million, 2,800 trade creditors and suppliers $16 million, Landlords and warehouse operators $2 million [no mention of franchisees’ losses – ed]

May 18, 2009

What you should know about Kleenmaid

IF you're not in the loop with the fallout of collapsed firm Kleenmaid - here's everything you need to know.

• Kleenmaid Group may have been insolvent as early as June 2007, if not earlier.

• Administrators recommend creditors vote for all 14 companies in the Kleenmaid Group to be wound up.

• 4500 consumers affected.

• 10,000 individual creditor inquiries to Deloitte.

• EDIS Service Logistics has continued to trade spare and replacement parts for Kleenmaid appliances.

• There is a significant deficiency in the value of stock held to the value of stock that had been ordered and paid for by customers.

• Second creditors meeting May 25.

• Approximately $102 million owed to creditors of the Kleenmaid Group, including:

- Secured creditors (banks) $29 million

- England & Young Holdings Pty Ltd $9 million

- 4500 customer deposits $27 million

- 2800 trade creditors and suppliers $16 million

- Landlords and warehouse operators $2 million

- Employees $3 million

- Related parties $9 million


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