Australian Auction Info
Businessman Jim Byrnes has offered 148 people who sold goods through his failed Cromwell’s Sydney auction house just 44c in the dollar for debts totalling $268,394.
Cromwell’s administrator Gavin Moss, who said in his report to creditors that the funds had been “misappropriated” from the company trust account, described the offer as “wishy-washy” and said more detail was needed before it could be put to creditors.
Cromwell’s Sydney ceased trading in May owing more than $2.5 million, including $133,694 to the ANZ Bank and $257,877 to the Australian Taxation Office.
In a deed of company arrangement proposed at the creditors meeting yesterday, Mr Byrnes offered to pay $300,000 from his private Byrnes Family Trust to creditors who are owed more than $2.5 million.
Mr Byrnes is the largest creditor, owed more than $1.7 million.

Posted: 09|28|06 at 7:58 am. Filed under: Property News.