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Q*Soft takeover not all smooth sailing

Q*Soft takeover not all smooth sailing

The absorption of former distributor Q*Soft by investment company Brocker Australia is taking on an untidy air. Suppliers such as antivirus vendor Cybec (now owned by Computer Associates) are still in the dark about product they left in Q*Soft's hands.

Queensland sales manager for Cybec products Bill Elston said Computer Associates had "nothing in writing" about the fate of $100,000 worth of stock.

"At this point, we don't know where we stand. The value of the stock is already reduced and we are not expecting a lot of joy out of the situation. It seems a very messy end and it could have been handled more professionally by both Q*Soft and Sealcorp [Brocker's computer products subsidiary]."

It is understood that one of Q*Soft's few tier-one suppliers, Acer, has trucked its goods away from Q*Soft's Brisbane warehouse.

No inventory

Brocker Australia group general manager, Chris Spring, said the Sealcorp acquisition of Q*Soft's trading name and selected assets did not include inventory.

Responsiblity for old stock rested with former Q*Soft managing director Barry Amor and Queensland's Heath family, who jointly control the heavily indebted company, he said.

However, as a gesture of goodwill, Sealcorp would fund Amor's salary over the next three months to give him time to negotiate a solution with individual suppliers, Spring said.

Meanwhile, retrenched Q*Soft staffers have painted a picture of a company crippled by credit restrictions. They claim Q*Soft was often unable to supply enough stock to dealers because of credit ceilings imposed by suppliers.

Against annual turnover of $28 million, credit facilities were limited to $1 million a month.

Without confirming the figures, ex-managing director Amor said reports of a perpetual credit squeeze on Q*Soft were a "fair enough comment".


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