Module manufacturer QSolar has “no viable go forward business plan”, according to court-appointed directors in Canada.
The new board took control in April after trading in shares of the company was put on hold. The interim board will now resign. According to a statement released by members of the new board, they were unable to contact the previous board who they claim made just three boxes of company documents available and none of the company’s computer equipment.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
According to one interim director, a plant manager in China told them that QSolar’s module inventory and manufacturing equipment had been seized by the landlord of the plant. The plant manager also confirmed that his employment had been terminated.
The company’s website has also been removed.
The statement by the interim board concluded: “In light of its findings and the absence of any working capital in the Corporation, the Board intends to resign, en masse, on June 18, 2015.”
