Catch up: How the Kleenmaid collapse happened in five stories
Former Kleenmaid directors Bradley and Andrew Young, along with Gary Armstrong, have been ordered to stand trial on 20 criminal charges, including a $13 million fraud of Westpac. The three men will stand trial in the Maroochydore District Court on a date to be decided.
ASIC statement:
Three former directors of national whitegoods distributor Kleenmaid have been ordered to stand trial on 20 criminal charges including a $13 million fraud on Westpac and 18 charges of insolvent trading.
Following a three-week committal hearing in November 2013 which ended after a further day of hearing on 31 March 2014, Andrew Eric Young, Bradley Wendell Young and Gary Collyer Armstrong were committed to stand trial in the Maroochydore District Court on a date to be fixed.
Kleenmaid entered voluntary administration in 2009 and liquidators reported consolidated debts of almost $100 million.
ASIC is also alleging that Mr Armstrong and Andrew Young dishonestly withdrew more than $300,000 from the company’s bank accounts two days before it went into administration.
Following the collapse of Kleenmaid and subsequent administration, the brand was sold to Compass Capital Partners, which has attempted to revive the brand through the kitchen cabinetry channel.
“It’s been five years and I don’t think too many people connect us with them anymore,” Compass CEO Danny Hamilton said, referring to Andrew and Bradley Young, the former directors currently facing criminal charges in a Queensland court.
“You can’t fix it and you can’t make Google go away — you have to live with it,” he said.