A report that was presented to creditors of unsuccessful childcare operator ABC Learning Centers has been able to find that the firm overstated the worth of its possessions by $1.2 billion in the first half of 2008.

A gathering of creditors in Brisbane this morning voted to officially conclude the corporation, which at its climax, was Australia's leading childcare operator and the second-largest childcare operator in the world.

The 29 individuals at the meeting, all voted collectively to bring an end to the company, which has amount overdue that totals $1.9bn.

Administrator, Peter Walker informed the creditors that the procedure of selling the 100 or so childcare centers that were in the ABC chain should be finished by the end of June.

He expected that it would be at least three months before creditors got some kind of idea of how much money they would be capable of getting back.

Mr. Walker said that what the auditors did in finalizing the '08 year was to scrutinize the assets that had been overstated in the books, and the view that they made regarding it was that the possessions were overstated by almost $1.2 billion.

This is not an issue that could have been taken lightly.