Liquidators appointed to closed Gladstone business

"Our team is working through the process to get the best outcome possible for customers and creditors.”

BUSINESS CLOSURE: ADE Electrical in Barney Point is now in the hands of liquidators. Picture: Mark Zita GLA010819INSOLVENCY

LIQUIDATORS have provided an update on the situation regarding insolvent Barney Point business ADE Electrical.

The Rockhampton branch of Worrells Solvency and Forensic Accountants were appointed liquidators for the business last month.

Partner Michael Beck said he has saw increasing pressures in the industry.

"The stresses felt by the director of ADE Electrical are not unique," Mr Beck said.

"Our team is working through the process to get the best outcome possible for customers and creditors."

The liquidators clarified the administration is in its infancy and they are assessing the company's financial position and endeavouring to realise the company's assets.

ADE Electrical have been operating out of their Young St location for eight years and had six staff employed at the time of liquidation.

Formal notification of the wrap-up was posted to ASIC's website on July 29.

"At a general meeting of members of the company...it was resolved that the company be wound up," the notice advised.

The owner of ADE Electrical has declined to comment about the situation.

Creditors are asked to lodge a proof debt at worrells.net.au.

Customers who believe they have goods on site are asked to contact the liquidator's Rockhampton office by email at [e-mail].