In a good example of creditors flexing their muscles, Chris Darin and Ivor Worrell were appointed liquidators of Peats Ridge Pty Ltd in early February 2013.
The change of liquidators was orchestrated by Mr Mal Tulloch from the Media Entertainment and Arts Alliance who said ‘that the change was about making festival promoters accountable for their actions.’ Mr Tulloch represented more than 50 creditors owed approximately $750, 000. In total the company appears to have debts of about $2 million and assets of only $140,000.
Searches conducted by Chris Darin show that the director of Peats Ridge Pty Ltd, Mr Matthew Grant has been an officer of six other companies which have failed during the past seven years.
Section 206D of the Corporations Act states the following:
Court power of disqualification–insolvency and non-payment of debts
(b) the Court is satisfied that:
(ii) the disqualification is justified.