Receiver appointed to mop up Plutus Payroll
Out-of-pocket contractors, especially those owed Superannuation, are now formally in a queue
A receiver has been appointed to mop up fallen payroll-for-contractors outfit Plutus Payroll.
Veritas Advisory has announced it has the gig and set June 19th as the day for the first creditors' meeting.
The Register is aware that several contractors that used Plutus have not been paid their full salaries. Most also say they have not received superannuation payments. Some contractors have contacted Veritas and been advised they will likely be considered priority unsecured creditors, a classification designed to see employees with unpaid wages and superannuation payments placed at the front of the queue during a windup.
But with Plutus in the hands of receivers even that priority status won't be much use given it usually takes months before receivers can determine the exact financial disposition of an entity. In Plutus' case that may be even harder as it appears those allegedly behind the company converted lots of the tax owed into cars, jewels and other assets the provenance of which will have to be carefully established before any attempt to dispose of them is made. Those efforts will likely take place while criminal trials begin, which could see further disputes about the owners of assets.
Interest in the creditor's meeting appears to be low: at the time of writing just half a dozen creditors had accessed the notification document.
In a perhaps-related matter, the Australian Financial Review reports that the Australian Taxation Office has intervened to stop another party winding up the “tier two” companies Plutus allegedly used to do the actual paying of contractors, and also the siphoning of tax. ®