Building group Privium’s accounts show it was using a ‘currency’ to fund its operations as it headed towards a $28m collapse. Now the red flags leading to its downfall can be revealed.
CITY BEAT Glen Norris 2 min read November 19, 2021 - 8:04AM The Australian Business Network
Privium Group was using Bartercard to help fund operations as it careered towards a multimillion-dollar collapse raising red flags about its finances months before it called in administrators.
The Underwood-based company had $3.4m of Bartercard “currency” at cost on its books as of June last year, which it intended to use to run the company.
A home builder that uses millions of dollars of barter currency to fund a quarter of a billion dollar operation?