AUSTRALIA: TQM suppliers accept they may not get compensation
Farmers who supplied failed Tasmanian milk processor Total Quality Milk (TQM) are facing up to the likelihood that they will see none of the A$2.9m (US$1.6m) owed to them. Some of the farmers and other unsecured creditors face heavy losses, and have to meet the costs they incurred meeting TQM’s orders. Tasmanian Farmers and Graziers Association dairy council president Brendan Thompson said that many farmers are now challenged with serious doubts over how they will cope with the financial burden.
Farmers who supplied failed Tasmanian milk processor Total Quality Milk (TQM) are facing up to the likelihood that they will see none of the A$2.9m (US$1.6m) owed to them.
Some of the farmers and other unsecured creditors face heavy losses, and have to meet the costs they incurred meeting TQM’s orders. Tasmanian Farmers and Graziers Association dairy council president Brendan Thompson said that many farmers are now challenged with serious doubts over how they will cope with the financial burden.
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