The corporate watchdog will decide if Kleenmaid's bosses will face prosecution for insolvent trading after liquidators lodged submissions today.
The Australian Securities and Investments Commission will investigate the possibility of insolvent trading after the Queensland-based group went into liquidation on May 25 owing more than $80 million to creditors.
Angry customers have already revealed the company was still taking money for goods just days before Kleenmaid was placed into the hands of administrators Deloitte in April.
"The forms are in and the reality is that we've been in consultation with ASIC for some time over this, so it should help to speed up the process," a Deloitte spokesperson told AAP.
In its submission to ASIC, Deloitte will also seek extra funding to continue its investigations into Kleenmaid's business activities.
If former directors, brothers Andrew and Brad Young, are found guilty of insolvent trading they could face civil charges that would mean they are liable to repay the debts during that period.
Criminal charges could involve jail terms.
Ironically, Andrew Young is also a creditor of Kleenmaid through a separate company that is claiming $10 million.
Deloitte has also revealed the spare parts business, EDIS Service Logistics, could be sold as soon as Friday.
AAP
