A 20-year-old Queensland engineering group owed more than $40m when it went into administration and was likely insolvent for more than five years, according to reports lodged with the corporate regulator.
Administrators of Rockhampton-based SMW Group’s trading company Alertvale, which went into voluntary administration in September, was owed $37m by a company with the same director, John “Jack” Trenaman.
Meanwhile, former staff of the company say they’re still waiting for redundancy and superannuation payments.
“It was a bit hard being made redundant just before Christmas, and now it just seems to be dragging on too much,” said one former worker.
“It felt like a kick in the guts for all our loyal service and now we have to deal with the administrators.”
The SMW business has continued to trade during the administration.
Administrators found Mr Trenaman transferred almost $1.8m out of the company’s accounts in the eight days before he appointed them, only to “voluntarily” return $995,000.
SMW, which provides maintenance and other work for the mining, rail and industrial sectors, employed more than 250 people when it went into administration.
It has workshops in Rockhampton and Mackay.
At the time, Mr Trenaman, 53,…