Teson Trims asset sale to help pay worker entitlements
Posted
Teson Trims has formally gone into liquidation.
The company closed on Friday, leaving 92 workers in the Victorian town of Euroa and 34 in Mitcham unemployed.
Creditors met today to make the final decision after there were no offers to buy the company.
One of the administrators, Matt Byrnes, says the assets will now be sold.
"We'll proceed to a realisation of the assets, which is mainly plant and equipment, and also the two properties in Mitcham and Euroa," he said.
"We'll aim to do that as soon as possible, but the market to some extent will dictate how quickly we can complete that process."
Mr Byrnes says the money made from selling the company's properties and equipment will help pay the $270,000 of entitlements not covered by the Commonwealth.
"It will go to staff's superannuation, which is not covered by the Government's support scheme called GEERS, and the balance of monies that we realise will go through to the Government to satisfy part of their obligations to the employees," he said.
