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Perth ISV liquidated leaving hundreds of thousands in debt

Perth ISV liquidated leaving hundreds of thousands in debt

TIBCO software owed $150,000 following the liquidation of Enterprise Software Architects

Western Australian software developer, Enterprise Software Architects, which formerly traded as The Frontier Group, has gone into liquidation owing hundreds of thousands of dollars to creditors.

The company, which had its base in Perth, was placed into liquidation owing more than $600,000 to creditors, according to documents lodged with the Australian Securities and Investments Commission (ASIC).

Among the list of creditors is TIBCO Software, which is owed almost $150,000, while the Australian Taxation Office (ATO) is the largest single creditor, being owed more than $430,000.

Trade creditors accounted for $247,173 in unsecured liabilities for the company, according to the documents, with TIBCO Software being owed more than half of this amount.

The main cause contributing to the company’s failure was the non-payment by two large customers for services provided by the company, according to the documents.

The company was placed into a creditors’ voluntary liquidation on December 22, 2016, with Kimberley Strickland from Perth’s WA Insolvency Solutions, appointed as liquidator.

The listed assets of the company included $200 cash in the bank and $200,610 from debtors, stemming from a general security agreement registered over the assets of the business.

While the liquidator will conduct an investigation into the affairs of the company, it is expected that a return to ordinary unsecured creditors will be unlikely, based on the information available as of January 19.

Enterprise Software Architects, trading under The Frontier Group brand, made a name for itself in the Western Australian market building custom software, including iPhone, Android, desktop, and augmented reality or virtual reality, according to its website.

While co-founder and former CEO of The Frontier Group, Adam Fitzgerald, said at a creditors' meeting on 18 January that he was currently unemployed, his LinkedIn profile indicates that he holds the position of director of development projects at Engine Room Apps, a company that makes cloud-based apps and platforms.

While it not clear which of its customers were behind the non-payment of services that saw the company liquidated, its clients included iiNet, Woodside Energy, and Datacentre Limited.

Its partners, via its Insight division, included Red Hat and Atlassian, in addition to TIBCO.

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Tags Enterprise Software ArchitectsTibco SoftwareThe Frontier Group

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