Zambelli Retail has been placed into voluntary liquidation following an extraordinary meeting of company members, which questioned the company’s solvency.
In a circular to creditors on November 17, Amos Insolvency director Peter Amos revealed he was appointed liquidator by a special resolution of company members at a meeting on November 8.
Minutes from the meeting revealed there were concerns about the company’s solvency which required immediate discussion and resolution by the members. Members concluded the company could not, by reason of its liabilities, continue its business or to trade. A resolution that the company be wound up in voluntary administration was passed unanimously.
A summary of company affairs revealed an unsecured creditor toll of $1.6 million and contingent liabilities of $1.5 million. Claims for National Australia Bank and Westpac and Towerlife, understood to be secured creditors, were yet to be advised.
Zambelli falls under Ambassador Clothing Company, a historic ragtrade firm based in Sydney’s inner west. Zambelli and Amos Insolvency did not return Ragtrader’s calls at time of press. A report into the affairs of the company was also not available at time of press.
