A Sydney-based cookie business has been plunged into voluntary administration, owing millions of dollars to creditors and staff.
The Spotted Cow Cookie Company was taken over by administrators Hugh Armenis and Michael Carrafa from SV Partners last month.
The administrators have taken over operations and advertised the business for sale as they liaise with other companies interested in purchasing the company and its assets.
The company’s future could be decided as early as this Friday, when a second meeting with creditors will take place.
Staff are owed more than $1.1million combined in wages, superannuation and annual leave, according to the administrator’s estimates.
They also noted inaccuracies in the company’s historical payroll processes.
‘We identified instances of the company not applying the applicable award correctly, e.g. minimum wage rates, weekend rates, overtime, casual loading, shift rates, and penalties,’ the report states.
It also states the company experienced financial…