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Failures dog Qld ISP arena

Failures dog Qld ISP arena

Financial troubles are pruning the ranks of Queensland companies in the Internet connectivity and services market.

Cyberlink Technologies, a regional Internet service provider (ISP), has gone into voluntary administration owing about $200,000, with Telstra as a major creditor.

It appears to be headed for liquidation, according to a spokesperson for administrators Clout and Associates.

A Brisbane ISP that owes similar amounts is in the process of being put under administration.

The spokesperson declined to name the company but said a preliminary evaluation suggested bankruptcy will have to be declared. Australian creditors of yet another failed Queensland Internet-related company, Oxford Media, stand no chance of recovering the $700,000 owed to them, according to Clout and Associates.

Oxford went into liquidation early this year but "the money trail goes all over the world and there is little prospect of finding any of it", the spokesperson said.

The news is better for Pronet, a Brisbane ISP that has won backing from creditors -- led by Optus Communications -- to trade its way out of administration.

A new management team, headed by general manager Peter Schlyder, has pledged that Pronet will repay creditors 100 cents on the dollar within 18 months. Schlyder suggested that the sudden rash of QueensLANd ISPs in money trouble stems from the underlying structure of the industry.


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