ASIC: Former Hartz company wound up

Australian Securities and Investments Commission (ASIC) announced it has obtained orders from the Federal Court in Tasmania to wind up R.R. & S.M. Powell Holdings Pty Ltd.

Powell Holdings was formerly the operating company involved in the manufacture and sale of Hartz Mineral Water.

On 1 April 2008, managing controllers were appointed to Powell Holdings who subsequently sold the business to Juicy Isle Pty Ltd in July 2008.

However, the proceeds from the realisation of assets from the sale were insufficient to allow any payout to employee creditors.

ASIC estimated that 38 employees are still owed approximately $390,000 in unpaid wages, leave and redundancy pay. Through ASIC's successful application, those employees will now be able to access some of their entitlements through the General Employee Entitlements and Redundancy Scheme (GEERS) administered by the Department of Education, Employment and Workplace Relations.

3 November, 2009

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