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High Court allows liquidator to recover fees from failed debt collector’s trust account
Customers owed almost $200,000 from a failed debt collection agency will not see a cent because of the company's "extremely poor" book keeping, a court has heard.
Taranaki firm Total Debt Solutions went into liquidation in December 2015.
The company - which was owned by majority shareholder and sole director Tim Levchenko-Scott, of Palmerston North, and Colin and Margaret Comber, of New Plymouth - owed customers $191,075 but held only $25,156 in a bank trust account as money received from debtors.
Liquidators Malcolm Hollis and Wendy Somerville applied to the High Court to retrieve payment of their fees from the account, which was operated as a trust account by TDS.
Read the full article by Mike Watson > Taranaki Daily News Online - stuff.co.nz