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Infotronics creditors' letter highlights assets deficiency

Circulation to creditors from liquidators, Romanis Cant, shows a liabilities deficiency of $1.18 million

Infotronics’ unsecured creditors are unlikely to see any return from the liquidation process, if figures in the initial assets summary are accurate.

According to a circulation to creditors from the liquidator, Romanis Cant, which was sighted by ARN and signed by S Central managing director, Peter Mavridis, Infotronics had about $560,00 in realisable assets including $400,000 in sundry debtors, $150,000 in stock and $10,000 in equipment. In contrast, its total deficiencies are estimated at $1.18 million.

This includes a $600,000 debt to its bank, NAB, along with just over $1m in unsecured creditors’ bills.

Vendors owed money include Veeam Software ($US160,000), Kerio Technologies ($US65,574), Celestix Networks ($US72,971), Datacore (US$18,630) and SEN Computer GmbH (GBP38,544).

However, sources close to S Central pointed out several of the distributor’s current and former vendor partners, including Vizioncore, ThinPrint, AdventNet and Igel, are not listed on the circulation notice, raising speculation around how much each is owed.

It is understood Infotronics was on hold with several key suppliers prior to S Central’s business asset sale to Brennan IT. The company ceased trading on the same day – November 4. It had six full-time staff at the time.

Liquidators, Romanis Cant, were appointed to Infotronics on November 11. Co-liquidator, Simon Nelson, told ARN it was now looking at winding up the final pieces of the business.

A creditors’ meeting will be held on November 20. In the meantime, S Central and Brennan IT are now in negotiations over who will take charge of pursuing S Central’s debtors list.

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More about: AdventNet, ARN, Brennan, Brennan IT, Celestix, Celestix Networks, Infotronics, Infotronics Software, Kerio Technologies, NAB, S Central, ThinPrint, Veeam
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Comments

1

Anonymous

Fri 13/11/2009 - 17:19


I watch your updates with great glee as some of my older comments are proven true, and no-one can now dismiss my claims.

Keep it up guys.

2

Anonymous

Fri 13/11/2009 - 17:35

Mavridis, just a day before claimed there is money to pay the suppliers and about the same time signed the liquidator's report that Infotronix is 1.18 mill in the red.

If you look at the report closely, the ATO liabilities are not even included as SC hasn't submitted their reports to ATO, so it cannot be estimated.

It is clear to me that one cannot believe PM claims.

Imagine how many mills SC is down if Infotronix which turned over 2 mill (according to PM) is down about 1.5 mill...

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Tags: AdventNet, Brennan IT, Celestix Networks, Datacore, Igel, Infotronics, Kerio Technologies, Romanis Cant, s central, SEN Computer GmbH, ThinPrint, Veeam Software, vizioncore
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