Updated: Receivers appointed to S Central books
- 24 November, 2009 17:21
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Receivers have been appointed to the S Central company shell just days after a creditors’ meeting into the company’s distribution subsidiary, Infotronics.
Receivers, Deloittes, were brought in on November 20 across book debts for S Central Pty Ltd, S Central (NSW), S Central Internet Services and its products arm, S Central Products along with its ExpressApps and Rich Computing trading entities. The S Central company shell remains in the hands of director, Peter Mavridis.
A spokesperson for NAB, S Central's banking partner, confirmed it had appointed the receivers to the book debts, but was unable to comment further on the process. The question now being raised is what assets remain within the entity for receivers to maintain or sell.
Managed services provider, Brennan IT, acquired S Central’s business assets on November 2.
On November 11, liquidators, Romanis Cant, were then appointed to the Infotronics business. Three of Infotronics’ major vendors – Veeam, Kerio Technologies and IGEL, along with former general manager, Phil Lancaster – have now formed a Committee of Inspection to oversee progress on the liquidation process.
Co-liquidator, Simon Nelson, said it was now conducting an investigation into the Infotronics business and would report back to the committee of creditors.
He claimed there were only residual products to sell. It is also waiting on reports from S Central director, Peter Mavridis.
“If there’s a breach of the Corporations Act, we’ll follow it up,” Nelson said. “There’s no breaches at this stage, but where there is a sizeable deficiency in money, there are always allegations made.”
Last week, Kerio Technologies also accused S Central of allegedly siphoning funds out of Infotronics illegally.
It has brought on solicitors, Middletons, and also called for a thorough investigation into the business.
Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.
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