Melbourne-headquartered solar company G-Store Pty Ltd. has collapsed, with the administrators, PCI Partners, revealing that more than 100 creditors are owed a combined AUD 3.8 million ($2.47 million)
G-Store, founded in 2007, was placed into administration on Feb. 2, 2024, with News Corp Australia outlets reporting that the company’s sole director had been diagnosed with cancer.
PCI Partners said most of the company’s workers were terminated on Feb. 7, with the remaining staff dismissed by close of business on Feb. 13.
In a statutory report lodged to the corporate regulator, PCI Partners said G-Store had total liabilities of AUD 3.8 million and more than 100 creditors.
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The administrator said the company owes 139 unsecured creditors AUD 2.2 million, while secured lenders are owed the remainder of the AUD 3.8 million debt.
The list of unsecured creditors includes customers who have paid for solar systems to be installed, but those installations have not occurred.
“The company did not complete a number of works for which it had received deposits from customers,” the report reads. “Unfortunately, these customers will now rank as unsecured creditors for the deposits paid to the company.”
G-Store, which has a head office in the Melbourne suburb of Malvern East and another showroom at Warragul, Victoria, specializes in installing solar systems and associated renewables technologies for residential and commercial customers throughout Victoria.
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