Ian Patterson, the man behind the McKenzie Group’s buyout of Blue Ribbon, was the focus of damning evidence this week at the ongoing Federal Court hearing into the Tasmanian meat processor’s collapse.
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Patterson admitted that he repeatedly ignored warnings that Blue Ribbon was insolvent, telling the Australian Securities and Investments Commission (ASIC) that he took such warnings, including one from the company’s CFO, with a pinch of salt.
Furthermore, when he should have listened to advice and organised a A$2m (US$1m) capital injection for the firm, he insisted that Blue Ribbon could continue to run on its own assets.
Just three weeks after Patterson bought the firm it was placed into administration, to be later liquidated with the loss of 430 jobs.
The public examination is expected to conclude today, with Patterson in the witness box again.
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