A FORMER director of failed national whitegoods distributor Kleenmaid has pleaded guilty to three criminal charges .
Appearing before Brisbane District Court today, Gary Collyer Armstrong pleaded guilty to one count of dishonestly gaining loan facilities from Westpac Bank in November 2007, totaling $13 million.
He also pleaded guilty to two counts of insolvent trading, aristing from debts incurred with Westpac in July 2008, totally $3.5 million
Mr Armstrong will be sentenced on 2 October 2015.
HOW THE COLLAPSE PANNED OUT:
- COPS CALLED AS KLEENMAID OWNERS ARRIVE
- KLEENMAID DEBT REACHES $67 MILLION
- KLEENMAID CREDITORS HAVE NO CHANCE OF GAINING BACK GOODS OR MONEY
He was released on his own undertaking, however his passport has been surrendered to ASIC.
The trial of the other two former Kleenmaid directors, Andrew Eric Young and Bradley Wendell Young, was set to start on 17 August 2015.
However, the trial date has been vacated and their matter will be mentioned on 2 October 2015 for further directions.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Kleenmaid entered voluntary administration in 2009 and liquidators reported consolidated debts of almost $100 million.
ASIC brought criminal charges against the former directors in 2012
Kleenmaid had its headquarters on the Sunshine Coast and the Youngs still live in the area.
> WERE YOU A CUSTOMER AFFECTED BY THE KLEENMAID COLLAPSE? COMMENT BELOW OR EMAIL KATHY.SUNDSTROM@SCNEWS.COM.AU
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