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Clear in voluntary administration

Clear in voluntary administration

Major creditors of Clear Computer Corporation (CCC) appear to have reacted positively to the appointment of administrator Peter Ngan of Ngan & Co Chartered Accountants.

However, ARN can report that despite what CCC managing director Steve Stuart described as "incredible support from staff, customers, creditors and business associates from the industry", they are anxious to receive the administrator's investigative report on the company.

Ngan told ARN that, following the first meeting of major creditors, the feedback has made him confident that an acceptable deed of company arrangement will be implemented.

The next meeting, at which he will present a report and make recommendations, is scheduled for April 27.

CCC's creditors can either accept the deed of company arrangement, retire the administrator or wind up the company.

A deed of company arrangement will include a proposed plan to settle outstanding debts. In the meantime, suppliers can deal with Ngan & Co which effectively guarantees payment of any debts incurred since Ngan's appointment.

CCC has been trading as reseller Clear Technology, and distributor Vantage Point Technology. At the time of the administrator's appointment, unsecured creditors were believed to be owed $2.7 million.

Major creditors include Acer, Philips, Express Data and Tech Pacific.

Ross Cochrane, Express Data's general manager sales and marketing, said: "The success of a voluntary administration is determined by the customers, especially when they are end users. Express Data only deals with the reseller side of the Clear Group, Clear Technology."

He explained that part of the risk of distribution is providing credit to resellers as they are building up their businesses.

Among other vendors, Vantage Point Technology distributes for Acer and Philips. A spokesman for Acer confirmed that the creditors were happy with the appointment, and that they would continue to trade with the administrator trading as Vantage Point.

One creditor told ARN they were concerned by the publicity generated by the appointment of an administrator to Clear, and feared some published comments might disadvantage their position.


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