A part-owner of a failed Sydney PC manufacturer is now managing a security surveillance company with a similar name.
Beam Computers and Peripherals of Auburn went into voluntary liquidation in April owing more than $2 million.
Co-owner Vijay Gulani is now managing a new business called Beam Digital Video Security which supplies imported digital video recording equipment and security monitoring components. They are assembled locally to create digital video closed-circuit televisions.
Gulani said that he worked for the new venture as manager but claimed the business was owned by a couple of employees.
Brendan Copeland, supervisor at Smith Hancock, a Parramatta chartered accountancy firm which was appointed liquidator of Beam Computers and Peripherals, said the new venture was “another business of Vijay [Gulani] and Andrew Lim”.
“We can’t stop them from starting up a new business,” he said. “The business was created before the liquidation. It is two totally different industries. They have gone from computer retail into security.”
Meanwhile, Smith Hancock has completed its investigations into Beam Computers and Peripherals, collected details of the remaining debtors and sold off stock. It aims to pay a dividend to creditors in the next few months. About $2.3 million was owed to creditors, but Copeland could not say what the dividend might be.
Last month, liquidator Peter Hillig told ARN he expected a return to creditors of less than $0.50 in the dollar. Creditors were mainly computer suppliers. The largest claim was for $650,000.