Full list of creditors owed $53 million to collapsed company In2food revealed

The full devastation of the collapse of a large Australian fruit and vegetable company has been laid bare in a new 61-page report. SEE THE DOCUMENT

The full devastation of the collapse of In2food Australia on producers across the country has been laid bare in a new 61-page report.

The disclosure to the Australian Securities and Investments Commission reveals the company owes more than $53 million.

Many of those owed cash are small farmers who sold fresh produce to In2food, which supplied cafes, restaurants, aged care homes, and schools.

Customers include Regis Aged Care, Nandos, TGI Fridays and restaurants misschu and Coda.

The Commonwealth Bank has the most to lose from the company, claiming a debt of $24.4 million.

And a South African parent company has lodged a $12.5 million claim.

Bill Kollatos, chief executive of In2food.

But the scale and breadth of In2food’s debts show that the company had been in considerable trouble before it fell over in August.

The company even lists a $62 Elgas bill in South Australia, while Creekside Fresh in Queensland was short $56,143.

Darwin Fruit Farms was owed more than $11,000, and Marrickville Automotive in New South Wales claimed more than $40,000 in debts.

Transwest Insurance Brokers were owed more than $230,000.

The company has continued to trade and kept staff on, but with reduced hours, as its administrators try to find a buyer.

FTI Consulting and Deloitte are picking over the bones of the company, but went to the Federal Court to seek more time to find a buyer.

The administrators will not have to front creditors until December 10 after the court agreed to a time extension.

In2food was created in 2018 with the merger of companies in New South Wales, Victoria and Queensland.

It had operations in Perth, Western Australia and also traded as Yarra Valley Farms.

The company was owed $9,959,081 but refused to disclose the companies due to pay up.

Administrators claimed that it would be easier to chase the money if the debtors remained anonymous.

Kathryn Evans, of FTI Consulting, also refused to reveal to ASIC how much the company owned in assets, including plant and equipment.

“The company had significant property, plant and equipment and intangible assets,” Ms Evans wrote to ASIC.

“Disclosure of the realisable estimated value of these assets and amounts owing … may affect the outcome of the sale of the business.”

The administrators at both FTI Consulting and Deloitte declined to comment.

In2food chief executive Bill Kollatos did not answer calls.

In a video on the Yarra Valley Farms Facebook page said that the company valued its “high level of communication” as a key selling point.

Mr Kollatos, who has described himself as an “entrepreneur at heart”, boasts of how he has tapped into smaller producers.

“More than 51 per cent of our product comes direct from growers and bypasses the market entirely,” he said in the video.

“That number is growing and it’s one of our key focus points.”

Many of those customers who avoided selling through established fruit markets are now counting the cost, along with In2food franchisees.

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