SKM
The Supreme Court of Victoria in Australia has declared SKM Recycling, Coolaroo, Victoria, insolvent because of the company’s inability to develop a plan to pay more than AU$5.5 million ($3.7 million) it owes to more than a dozen creditors.
The court has ruled that SKM will have to liquidate its assets to pay down its debts.
The company is one of the largest recycling companies in Australia’s state of Victoria, the country’s most populous state.
According to several published reports, the company has been hard hit by China’s scrap import restrictions.
With the decision to force SKM to liquidate its assets to meet its creditors' demands, more than two dozen councils in the Victoria region of Australia may have to redirect their recyclables to landfills as they seek to find new processors for the collected material.
Until recently, SKM Recycling had contracts with 33 Victorian councils and is one of only three major waste contractors in Victoria.
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