Breaking: REDcycle has been declared insolvent after failing to pay storage fees for thousands of tonnes of plastics it secretly stockpiled around the country.
The company behind the Coles and Woolworths soft plastics recycling program has been declared insolvent after failing to pay storage fees for the thousands of tonnes of plastics it secretly stockpiled around the country.
REDcycle bins were placed inside nearly 2000 Coles and Woolworths supermarkets before the program collapsed. A joint spokesperson for Coles and Woolworths said the company had signed an agreement with REDcycle, allowing them to assume control of the materials on the weekend, just ahead of Monday’s court appearance.The supermarkets are now formulating a plan for the “short-term” consolidation and safe storage of the scattered stockpiles, which could involve packing the plastics inside up to 1000 shipping containers at a licensed facility.
The application to wind up REDcycle was launched by NSW transport firm, BTG Logistics, over an unpaid $200,000 debt for storing about 600 tonnes of plastics on behalf of REDcycle.
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