Synergy administrators recommend liquidation

Administrators for Synergy Plus, have put forward a recommendation to creditors to place one of the entities into liquidation.

A Deed of Company Arrangement (DoCA) has also been put forward for each of the subsidiaries.

Synergy Plus Limited and its wholly owned subsidiaries – Synergy Plus Operations, Air Data, Air Data Australia and CCP Equity - went into voluntary administration and appointed Richard Albarran, David Ingram and David Ross of Hall Chadwick, as voluntary administrators on March 17.

Creditor, GE Commercial, appointed receivers Quentin Olde, Andrew Schwarz and Michael Ryan of Taylor Woodings to Synergy Plus Operations, the main operating subsidiary.

According to creditor’s meeting documents sighted by ARN , there were three available options to consider including that the company be wound up, returned to the director or entered into a Deed of Company Arrangement.

Administrator, David Ross, told ARN it recommended the main operating entity, Synergy Plus Operations to be put into liquidation.

“We recommend a majority of the Deeds although one of them [Synergy Plus Operations] we recommend liquidation,” he said. “The Deed of Company Arrangement has been proposed and there has some discrepancies between asset realisation between what the deed anticipated, and what receivers and managers have anticipated. The directors have sought for the meeting to be adjourned.”

Besides GE, which is owed $4 million, HP was also a secured creditor owed about $6 million.

The documents revealed an extensive list of unsecured creditors that included Ingram Micro, which is owed about $3.9 million, ATO ($1.6 million); IBM Australia ($421,586); Dicker Data Projects ($408,887); Hitachi Data Systems ($364,741); Leedall Presentation Systems ($361,112); Acer Australia ($355,730); Westcon Group ($328,688); Avnet Partner Solutions ($311,374); Toshiba Australia ($273,304); Multimedia Technology ($254,617); Express Data ($250,796); itX Group ($223,425); Synnex ($206,634); ACA Pacific ($196,100); Pacific Premium Funding ($192,932); inTechnology Distribution ($149,153); and Leader Computer Systems ($102,645).

According to the documents, stock value was about $1.724 million.

The next creditor’s meeting is scheduled for April 20.

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