The details of the official Kleenmaid creditors meeting have been released and it seems the initial news about customers not receiving goods is now guaranteed.

Group Administrators of Kleenmaid, Deloitte yesterday hosted the first meeting of creditors in Brisbane, around 150 creditors ended up attending the meeting.

The Administrators made it clear at the meeting that there was no prospect of customers receiving any goods that they have paid for, confirming the original reports just before the meeting.

As expected the main issues creditors raised at the meeting was about their missing goods and money, and the meeting provided the perfect opportunity for customers to vent their frustration.

“The meetings gave all creditors an opportunity to get a better understanding of their situation and raise any questions or concerns they had with the administration process,” said joint administrator John Greig.

“Not surprisingly the main issue raised by the creditors at the meeting related to stock and the frustration of those who still hoped to receive the goods they had paid for.”

Deloitte also outlined the asset and liability position of the Kleenmaid Group from the investigations undertaken to date.

“It was made clear to all creditors that there is likely to be a significant shortfall between the realisable value of the Kleenmaid assets and the amount creditors are owed.”

“Unfortunately at this stage we do not foresee that the available assets of the Kleenmaid Group will provide any return to unsecured creditors including customers. This will create significant distress and hardship for those customers as was evident at the meeting.”

The updated figure owed to creditors is now at approximately $76 million (subject to change), and the breakdown is as follows:

Secured creditors (banks) – $28 million

4,000 customer deposits – $27 million

2,800 trade creditors and suppliers – $16 million

Landlords and warehouse operators – $2 million

Employees – $3 million

Greig plans to provide the full findings in a report to creditors which will be sent to all known creditors prior to the second creditors meeting to be held in may 2009.

It was also reiterated that all customers should still register their claim as unsecured creditors if they haven’t done so already.