Raj Khatri and Morgan Lane were recently been appointed to the Liquidation of Kar Land Pty Ltd trading as ‘We Buy Any Car’.
We Buy any Car – The Facts:
· It traded from mid 2011
· It copied a successful UK business model, which should have worked in Australia.
· Quite literally, it bought almost any car.
· 5,000 to 6,000 cars were purchased nationally
· Many vehicles were sold to We Buy Any Car by mums and dads, and there are in excess of over 1,000 vendors who did not get paid, as promised.
It’s still early days in the liquidators’ investigations, but preliminary estimates put the overall deficiency to creditors and employees at around $10 m.
With the principal director seemingly to have left the country, without a forwarding address, the epic task of understanding what happened is hampered. Watch this space for updates.