Liverpool FC among customers left in lurch by Forum collapse
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Liquidators to Bill Papas’ Forum group of companies are eyeing a sale of waste company Iugis, which has a host of high profile customers including Liverpool Football Club, despite concerns it may have received millions from an alleged $400 million fraud.
Iugis is one of the many subsidiaries within Mr Papas’s large business empire which is now being broken up and sold by liquidators who were brought in to investigate allegations Mr Papas had orchestrated a major fraud on Westpac by impersonating its customers.
He needs money Papas pleads for cash to fly to Australia
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Staff at Papas Iugis left shocked as jobs lost
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Forum Group in administration as Westpac case deepens By Sarah Kendell 16 July 2021
Administrators have commenced closing down subsidiaries within a group of companies involved in an alleged $200 million fraud against Westpac, with the Federal Court ordering the liquidation of the company at the centre of the case.
Corporate restructuring firm Mackay Goodwin has confirmed it has been appointed as administrators for the Forum Group of companies and has been undertaking investigations into the “viability for the continued trading of various business units” within the group, which employed 200 staff.
Mackay Goodwin said it had already closed operations of one business unit within the Forum Group, Iugis Food Waste, saying the business unit’s ongoing operation was “not viable”.