Company collapses over failure to pay its share of CQ mine
Premium Content Subscriber only A BUSINESS with a significant share in a Central Queensland mine has gone bust over an outstanding $24 million. McGrathNicol Restructuring has been appointed as receivers of ICRA Rolleston Pty Ltd - directed by John Canavan, the brother of Rockhampton-based Senator Matt Canavan, - which holds a 12.5 per cent interest at the Rolleston Coal Mine. Legal proceedings between Rolleston Coal Holdings Pty Ltd and ICRA Rolleston Pty Ltd have been ongoing since July, over a number of outstanding cash calls after ICRA failed to make payments as the thermal coal price p...
Source: cqnews.com.au