Australian PV installer owes millions to suppliers following collapse

Share

From pv magazine Australia

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.

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.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

High-altitude floating PV has energy payback time of 2.8 years
15 July 2024 New research from Switzerland showed that alpine floating PV systems can outperform lowland or ground-mounted counterparts in terms of energy yield an...