Maali Group in $10m ATO debt, restructuring bid

Maali Group, an Australian construction and civil engineering company based in Western Australia, has accumulated a significant tax debt amounting to approximately $10 million. The Australian Taxation Office (ATO) is the creditor that is owed this substantial sum.

The situation has reached a critical point, and the ATO has initiated proceedings against the company. In response, a Perth-based civil engineering firm, which remains unnamed at this stage, has put forward a restructuring proposal to help Maali Group address its financial challenges and reduce its tax debt.

The restructuring proposal is an attempt to find a mutually beneficial solution for both parties involved. The details of the proposal are not yet publicly disclosed, but it is believed that it includes a payment plan or other arrangements that would allow Maali Group to repay the debt over an extended period.

Creditors of Maali Group have been advised to consider the restructuring proposal and vote on it during an upcoming meeting. The outcome of this vote will determine whether the proposal is accepted or not. If the proposal is approved, it could provide Maali Group with the opportunity to continue its operations while addressing its significant tax debt. However, if the proposal is rejected, the consequences for the company could be severe, potentially leading to insolvency or liquidation.

It is important to note that this situation is still developing, and further information will be released as it becomes available. The financial health of Maali Group and the outcome of the creditor vote will be closely watched by the construction industry and the business community in Western Australia.

In summary, Maali Group, an Australian construction and civil engineering company, owes the Australian Taxation Office $10 million in taxes. The ATO is seeking repayment, and a Perth-based civil engineering firm has proposed a restructuring plan to help the company manage its debt. Creditors have been advised to consider the proposal and vote on it during an upcoming meeting. The outcome of this vote will determine the future of Maali Group.