Australia’s largest retailer of rooftop solar modules, Eurosolar, looks set to trade another day after a winding-up order issued to its parent company by the Australian Tax Office was dropped.
As reported on One Step Off The Grid earlier this week, a wind-up notice was served through law firm Hunt & Hunt to “P & N NSW Pty Ltd” which owns the business name Eurosolar, while an ASIC website notice showed an insolvency hearing was to be held in the Federal Court in Sydney on February 9.
A winding up order is usually used as a last resort when a company owes money: Unless companies can pay whatever debt they owe to the ATO (usually with the ATO’s legal costs on top) they are likely to be wound up.
Eurosolar – which earlier this week described the whole thing as a “miscommunication” caused by notices being sent to the wrong address – now appears to have done just that: with a new letter from the same lawyers, dated June 07, 2017, communicating that the ATO has dismissed proceedings, and asking P & N to pay its legal costs of $2,516.70.
Eurosolar is one of the biggest solar retailers in Australia, a position it has reached via specialising in the “budget end” of the solar market.