Bill Express leaves $210m debt mountain


There are some interesting points in this article here.

Despite what some people said, the rumours of the debt owing were accurate. The administrator said that Bill Express owes ANZ $53 million and the biggest telcos another $110 million. Overall he states the total is over $250 million without the newsagents' claim. Clearly the administrator is not accepting the newsagents’ claim yet, only that it exists.

Not that it matters as there is nothing in the Bill Express's kitty to pay the $250 million much less the newsagents. Now there is a new debt, the administrator who charges $580 an hour! Since they are paid in full first, I guarantee that they will be clocking up many hours.