Queensland solar company Solarcore placed in administration after employee theft allegations

Yet another solar panel company has collapsed, with Queensland-based firm Solarcore being placed into administration as the industry continues to suffer due to lack of demand and support from state Governments.

The firm is reported to have suffered issues related to allegations of employee theft, with a complaint already being filed with police.

According to a report in The Cairns Post, there have been allegations of theft surrounding the placement of the company in administration. It appears a “trusted advisor” is associated with the allegations, which also suggest company records were destroyed.

It is reported creditors became aware of the situation when it was clear accounts weren’t being paid.

Administrators Moira Carter and Ian Jessup from BRI Ferrier have been appointed to the firm. Both were contacted by SmartCompany this morning, but neither were available prior to publication.

Each of the company’s offices in Townsville, Mackay, Cairns and Rockhampton were contacted this morning, but all were disconnected.

Director Darryn Van Hout was also contacted, but was not available prior to publication.

Solarcore was placed into administration on November 23, with a creditor’s meeting expected to take place on December 2.

The company offers solar hot water products, solar panels, inverters, heat pumps and gas hot water systems, along with installations.

The collapse of Solarcore and its subsidiaries has reportedly affected 28 employees, and 63 customers, although administrators are reportedly confident they will be able to strike a deal.

Two other related companies, The Insulation Depot and Depot Management, have also been affected. These appear to be part of the same group of companies, and were also placed into administration on November 23.

The collapse comes alongside a number of other administrations and receiverships in the solar industry, which is hurting as state support dwindles. Businesses in New South Wales have been hurt particularly bad as the new Liberal Government reduced tariffs for users.

In September, market leader Solar Shop was placed into receivership, with partner Ferrier Hodgson John Lindholm saying the firm was impacted by a number of regulatory changes.