Software Today faces creditors' wrath

Software Today faces creditors' wrath

The future of Queensland's 19-store Software Today chain and two related technology companies remain hazy as administrators pick through their finances.

Software Today, distributor Pactronics, and PC supplier OK Technologies are in voluntary administration along with 13 other members of the Foundation Group of travel, investment, food and technology businesses as a result of an Australian Securities Commission investigation.

Administrator Jack Duff, a partner with Deloitte Touche Tohmatsu in Brisbane, said Software Today owed $3 million which is believed to be spread across 70 creditors.

"They are all in there for similar amounts and they include all the usual suppliers," Duff said.

He wouldn't be drawn on individual creditors but industry sources claimed Dataflow and games specialist GTI are high on the list. ARN was unable to obtain a response from either company.

Duff said some interest has been expressed in buying all or part of Software Today's network of outlets, which include Melbourne, Darwin and all major Queensland centres.

The three technology companies in the Foundation Group, whose staff total more than 100, are continuing to trade while their viability is being assessed, Duff said.

Whether they will go into liquidation or continue as restructured companies will not be clear until next month, he said.

Their fate is complicated by events surrounding financial company Wattle Group, whose principal figure, Geoffrey Dexter, is also a director and major creditor of the Foundation Group.

A Queensland Supreme Court injunction recently closed down a $130 million loan scheme associated with Wattle.

Dexter reacted to the injunction by putting a controlling trustee in charge of his assets under the Bankruptcy Act, and bringing in administrators for Software Today.

He could not be reached for comment.

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