A chartered accountant looking into the Kleenmaid collapse has spoken with Current.com.au and highlighted his concerns that the directors may go unchallenged due to a lack of involvement from liquidators Deloitte, and the ASIC.
Ever since the disgraced Kleenmaid Group went into administration, media circles have been abuzz with speculation and startling facts about the dodgy practices of the company and its directors, but since the company went into liquidation in May there has been very little talk about the progress.
A source who has to remain anonymous due to his involvement with the liquidation, contacted Current.com.au and outlined that it is troubling that Deloitte and Government entities have been so quiet about the issue and warned that they have to act quickly or the issue may fade away.
“Sadly the Kleenmaid mess is one where if Deloitte do not call a meeting of the Committee of Inspection soon to seek their input for an update on the work done since liquidation, the required action against the directors will fall by the wayside and the directors can get on with life for at least another year before facing any serious consequences,” said the source.
“The root problem with the ACCC, ASIC, Department of Fair Trading and associated entities is the fact that these organisations operate on a public service approach, with limited qualified staff and a management that is only interested in publicity mileage. Nothing else is deemed cost effective to these entities.”
The source was adamant that the issue has to remain contentious and talked about because unlike other company collapses, this affected consumers and not just investors.
“Sadly, I can see Kleenmaid disappearing into the sunset with ACCC and ASIC or taking a back seat ride to join the queue along with Storm Financial, Eddie Groves, Timbercorp etc, and yet Kleenmaid is the one that hurt the ordinary person the most.”
“The others were investment failures, were people had a choice.”