ARN

Leading debts exceeded $12 million

Administrator/receiver reveals debts in account documents

Defunct systems integrator, Leading Solutions, owed creditors $12.486 million at the time administrators were appointed, recent documents reveal.

The figure was listed during a presentation of account documents lodged by voluntary administrator, McGrathNicol, on January 4. Co-administrators, Johan Vorster and Matthew Caddy, were appointed to Leading on October 29.

Several industry sources claim the systems integrator’s fall was precipitated by ongoing credit issues over its last 12 months.

It is understood Leading’s largest creditor was key vendor partner, HP. The Leading company shell was placed into liquidation on December 8.

The Leading Solutions business was acquired by ASX-listed rival, Synergy Plus (formerly ComputerCorp) on November 16. The deal included current IT procurement and service contracts, associated goodwill, stock, records and equipment.

Synergy acting CEO, Pete Cappendell, said 48 staff had signed employee contracts and joined the company. Final settlement of the purchase, which was initially expected by December 2, was held over during the holidays and should now be achieved next week.

“We’re happy with that result. It’s always difficult to balance the number of staff with the amount of business – we had to make the call quite quickly,” Cappendell said. Once completed, all outstanding employee entitlements can be fulfilled.

Come socialise with us! Facebook | LinkedIn

More about: Hewlett-Packard, HP, Leading Solutions, Synergy Plus
References show all

Comments

1

Annoyingmouse

Tue 19/01/2010 - 10:59

final sale

so former LS employees will be getting the rest of their redundancy entitlements soon?

2

Tom

Tue 19/01/2010 - 18:05

I hope so coz it's been a long time now without full severance payment. Super hasn't hit mine and some other peoples funds yet either.

3

Annoyingmouse

Fri 22/01/2010 - 13:33

fingers crossed

true true. It's been especially hard for those of us who haven't secured actual f/t work since the liquidation :(. But at least there's a bit more light at the end of the tunnel... wish there was more communication with sent to ex employees rather than the letter we received a few days out from xmas in regards to entitlements.

4

Annoyingmouse

Fri 22/01/2010 - 13:36

side note

we seem to have fared better than a certain other company that went into liquidation around the same time as LS... i've read there's still outstanding wages etc to be paid to some employees and no-one seems to know what's going on there too

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: Leading Solutions
ARN Directory | Distributors relevant to this article
Alloys , ASI Solutions , Australasian PC Distributors (APCD) , Australian IT Spares , Avnet Technology Solutions , Banksia Software , Bluechip Infotech , Dicker Data , ICT Distribution , Impact Systems Technology , Lynx Technologies , Synnex Australia , Topstar Computer International , XiT Distribution , Xpress I.T. , Dynamic Supplies , Fusion Power Systems , Sektor
ARN Directory | Vendors relevant to this article
HP
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/aca-pacific/357_sap-business-objects-crystal-reports-2008-defy
ACA Pacific

Increase Your Profit Margins with Tandberg Data RDX Cartridges!

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.