|
Friday, 30 June 2006 |
|
The financial troubles of the IGA site owner has triggered it being put up for sale with an auction scheduled for July 20th.
Missed payments has resulted in the mortgage on the property being defaulted on. The administrator of the outstanding debts held a meeting with both secured and unsecured creditors. Secured creditors consisting primarly of the property mortgagee were guranteed first right of funds from the sale of the property. Unsecured creditors were given the option of receiving 80% of their investment over a 5 year period.
|
