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EXCLUSIVE: Kaiser Baas Directors May Have Traded “Insolvent” Now Suing Federal Government Over Hoverboard Ban

The directors of Melbourne based distributor Kaiser Baas that includes former CEO Evan Kourambas, face being pursued for insolvent trading after the Company was placed into liquidation in May 2018 owing over $3.8 million, they are also trying to sue the Federal Government over the Hoverboard ban.

According to Melbourne Liquidator Anthony Cant of Romanis Cant, an investigation by his Company has revealed evidence that the Company “may have been insolvent from at least 30th of June 2017”.

As a result, an insolvent trading claim against the directors “may exist”.

Its also been revealed that Kaiser Baas directors who imported hoverboards that were eventually banned is now looking at suing the Federal Government who back in January 2016 banned the sale of Hoverboards that Kaiser Baas was importing.

Its now been claimed that the actions of Kelly O’Dwyer the then Minister for Small Business resulted in the market for Hoverboards being “destroyed” and that her actions which were based on problems associated with the lithium batteries used in the hoverboards resulting in some Hoverboards causing house fires.

Kaiser Baas executives now claim that their Hoverboards that were swept up in the ban “complied” with safety requirements.

As a result, Kourambas lodged a legal complaint with the Federal Ombudsman’s Office to recover losses. To date the Company has received no response.

The latest liquidator report reports that unsecured creditors are owed $3.68M and that secured creditors total $63,019. It’s also been revealed that Kourambas, who has traded in the past as Lako Pacific and several other names.

Back in December 2017 the business was sold to Exceed Limited a New Zealand Company.

Also, being investigated is the payment of unfair preferences to a creditor prior to the Company being placed into liquidations.

According to the creditors report the liquidators have discovered “multiple payments” totalling thousands that were made by the Company to a creditor when the Company was insolvent.

The liquidator said that they will shortly make a “demand for repayment” on this creditor who was not identified.

More to Follow.