13,000 customers warned of total wipe-out in $23m STAX collapse

STAX’s liquidators have reported a $22.82 million shortfall and insolvency dating back to at least June 2024, with more than 13,000 unsecured creditors owed $9.62 million and unlikely to receive a dividend after investigations uncovered major inventory and creditor misstatements, repeated financing defaults and significant operating losses.

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