Questions are also being raised as to the role that the National Australia Bank played in the placing of Leisuretech into administration.
Brian Allen of Burton Glenn & Allen the administrator of the failed Leisuretech group who went broke with alleged debts of $1.6 million dollars and whose director's stand accused of deliberately engineering the Company being placed into administration have been given till 11.00am on Monday April 6th to come up with an offer or he will liquidate Leisuretech.
"It had better be a good one" he said.
"I have been approached by directors of the failed Company who said that they were interested in making an offer. However no one has seen what the offer is. It had better be a good offer. They need to pay more than what creditors would get if the Company is liquidated and this includes any claw back" he said.
In placing Leisuretech into voluntary administration Andrew Goldfinch the CEO of Leisuretech and his fellow directors Mr Jonathan Ritchie an accountant with connections in Vanuatu and Mrs Elisabeth Goldfinch used an independent Company to value the assets of Leisuretech before they were asset stripped into a new company called AC & EM G Pty Limited which now trades as Leisuretech.
The value placed on the entire company was only $2M dollars this is despite the Company having potential 5 year revenue streams from A Bus patents that are worth over $5M dollars according to Armour Group of the UK who are one of the Creditors.
The two main creditors of Leisuretech are UK Companies Armour and legal firm Allen & Ogilvy who represented Leisuretech and Goldfinch in his failed bid to own the A Bus patents in Europe.
