Only a Memory . . .Liquidators move in at Aust Mem

Only a Memory . . .Liquidators move in at Aust Mem

The end has come for Australasian Memory.

The Sydney-based distributor went into liquidation on 23 March, following the failure of administrators to find a buyer for the company. All of AM's forty staff have been retrenched, and it is expected that the assets of the company will be liquidated later this month.

A victim of falling memory prices and internal reporting difficulties, AM voluntarily appointed administrators Richard Brien & Company earlier this year to assist in running the beleaguered company while a buyer was found. Now that same firm is AM's liquidator.

Joint liquidator Steven Nicols said AM had until 23 March to find a buyer for the company. When none was found a meeting was called. "We had told the prospective purchasers that that was D-Day, because we couldn't continue waiting for them to agonise over what they were going to offer us and whether or not they wanted the company's staff," said Nicols.

"And since there was no sale of the business or no offer to the creditors it was inevitable that they would have to go into liquidation."

While managing director Barry Amor had been hopeful that a buyer would emerge, none did so. Amor was unavailable for comment.

Nicols believes AM's final debt burden will be in the vicinity of $7 million. The two main creditors, Digital Equipment Corporation and Kingston technology, are both believed to be owed around $2 million each, but will have to join the pool of creditors waiting to see what revenue the liquidation realises. AM's staff are to be paid out in full, at an estimated cost of $160,000.

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