A HUNTER electrical company that sponsored the Sydney Swans AFL team has gone into liquidation owing more than $3 million, including more than $250,000 in entitlements to 14 employees.
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Vallec, Vallec EP and Vallec MP were voluntarily placed in the hands of a liquidator last week.
The companies, owned by Tobias McCosker, 31, of Maitland, were previously known as Valley Electrical and Valley Electrical and Air.
The business, that had an office in Sydney, mainly carried out electrical work on large commercial construction projects throughout the Hunter and Sydney.
It also offered electrical maintenance services.
Documents filed with the Australian Securities and Investments Commission (ASIC) detail a host of Hunter-based unsecured creditors that are likely to receive nothing following the collapse.
These include Lear and Smith Electrical Wholesalers listed as being owed $230,000 and Maxim Accounting owed $10,000.
Investigations are still underway and the full picture regarding the group's debts are not yet clear. The ASIC documents list a number of creditors with debts still to be advised.
It's understood the group of companies owned no property and had few assets. Vallec EP was listed as owning two Mereceds sports cars, five 4WD vehicles, computers and office equipment.
According to documents submitted to the liquidator by Mr McCosker, the three companies had no money in the bank and only 63 cents in cash.
Vallec EP is listed as having $442,874 in assets, which was made up of about $185,000 owed to it by debtors, $8000 in stock and $249,000 in plant and equipment.
The business premises in Elwell St, Beresfield, where the group was located was sold in February for $1.45 million.
It was owned by a company called R&T Holdings, that was half owned by Mr McCosker and half owned by a Maitland woman.
R&T Holdings purchased the commercial site in 2015 for $361,900.
In March last year, Vallec signed on as a sponsor of the Sydney Swans football club for the 2018 AFL season.
At the time, Sydney Swans chief executive Andrew Ireland said the club would be working with Vallec to help "establish their own programs in support of Indigenous youth employment and gender equality in the workforce".
The Sydney Swans are listed as being owed $108,817 by Vallec.
The company also used to sponsor Surfest.
Vallec's former website said the business was started by Mr McCosker with a single van and grew to having more than 20 employees.
The company won four Hunter Region Business Excellence Awards from 2015 to 2017. The categories included twice winner of the construction, home improvements/trade and manufacturing category.
Vallec was also honoured for best improvement in work, health and safety and was the overall winner of the electrical work, health and safety category in 2016.
The Herald contacted Mr McCosker but he declined to comment.
Liquidator Jarvis Archer, of Revive Financial, did not respond to requests for comment.
