NATIONAL: Creditors of collapsed ragtrader Phillip Smouha have guffawed at a bill which equates to $42,000 a week by administrators.
Administrator PPB was appointed to his businesses Smouha Fabrics and White Stallion in March, after the two struggled under mounting debt.
At a meeting of creditors earlier this month, it was revealed PPB would require $209, 257 (excluding GST) for work conducted between 19 March and April 22. This did not include costings for the period April 23 to the time of press.
Creditors passed a resolution to meet part of the payments for both businesses, with $60,000 remuneration for Smouha Fabrics and $30, 000 for White Stallion plus GST.
Administrator PPB confirmed the debt owed to Smouha's secured creditor exceeded $30 million.
Another meeting of creditors was expected to take place before the end of the month.
For more on this, pick up a copy of Ragtrader's June 5 issue.