“They were going to run out of cash within eight weeks,” administrator Paul Langdon toldLangdon and his partner Ian Grant, insolvency experts with the Melbourne firm Vince & Associates, judged that without a government bailout or a financial Hail Mary from another source, the school would be forced to close by week’s end.
The school is bitterly divided over recent history. Its unorthodox corporate structure means that, while the school is run out of the Victorian town, its land, buildings and all associated intellectual property are ultimately owned by Chinese interests headquartered in the communist party’s tropical island playground, Hainan.
“They can’t function now,” he said. “They haven’t got any expertise.” He said the root cause of the school’s closure was financial mismanagement. Parents Sweta and Vijay Jaswal, with son Shaurya and daughter Reanna, are looking for a new school for their son after Colmont’s sudden collapse.The issue was released on the letterhead of two companies, Sky Writers Pty Ltd and Victorian International Enterprises. Together, these companies own the school buildings and 12.5 acres of school grounds and surrounding land now ripe for residential development.
“I’m in a bad situation as I have paid fees for 2023 and there is no indication that I’ll get my money back,” Jaswal said. “We don’t know that.”The school’s administrators told parents by email on Friday that pre-paid school fees and security deposits were being reviewed to assess if they could be returned, but gave no guarantee they would be.
Melbchief adamlcarey nikkprecel So sad and no help from the Communist Govt to busy supporting these corrupt Aholes
Melbchief adamlcarey nikkprecel Simple greed and government funding. Cut private school funding now!
Melbchief adamlcarey nikkprecel Full fee paying international students?