Sydney-based IT vendor, Clarity OSS, falls into administration

TPH insolvency appointed as administrator

Sydney-based IT vendor, Clarity OSS, has been placed into voluntary administration following the sale of its assets to an unnamed US buyer.

Company directors have appointed Tim Heesh of TPH insolvency as the administrator.

The news comes as the company, which also has offices in Indonesia, Malaysia, Phillipines, Singapore and India, celebrates its 20th anniversary.

The company had agreed to sell the company's assets to the Australian subsidiary of an unnamed US buyer on June 24.

The acquisition was undertaken by Clarity's secured creditors, led by chairman Dr Ian Campbell and his company CPS.

Read more: Clarity CEO steps down temporarily

This followed the company incurring a loss of $4.9 for the half year ending December 31, 2013.

According to a company statement, Clarity officers will meet Heesh early next week to request that he consider the possibility of presenting a Deed of Company arrangement to the Clarity creditors, with the intent that the deed will hopefully resolve all Clarity's liabilities and thereby also hopefully present the possibility of some upside.

"Clarity expects that Mr Heesh will communicate with creditors and shareholders as soon as possible," the statement said.

According to a June 24 company statement, "despite Dr Campbell's ongoing support, the company continued to suffer financial difficulties to the extent that, with CPS and Dr Campbell no longer having the capacity to support the company, the appointment of an administrator or liquidator was a real possibility."

Read more: CPS Technology gets a sales ‘Accent’

CPS had provided $26 million to support Clarity. It has also forgiven $14.5 million of that debt.

The sale of Clarity's assets was completed on June 3.

Read more: Clarity OSS director and COO quits

CHANNEL CHOICE: Vote Now for your favourite in the three categories: Vendor, Distributor and Reseller. Voting closes August 8.

Tags Tim Heesh of TPH insolvencyDr Ian CampbellCPSClarity OSS

More about Clarity

Comments

Comments are now closed

 

Latest News

01:58PM
Intel appoints new director of Cloud policy and government affairs
11:17AM
EXCLUSIVE: Dave Rosenberg appointed new Westcon A/NZ managing director
12:19PM
Citrix and Fujitsu eye A/NZ mobility market together
11:58AM
Achieva promises it won’t step on resellers’ heels in becoming a value-added dis...
More News
29 Jul
SplunkLive!; Canberra
05 Aug
Systems Technology Day - Build Your Own Private Cloud
06 Aug
Oracle Employee Experience Journey Mapping Workshops
20 Aug
Westcon Group Imagine 2014 - Melbourne
View all events