PC hardware reseller, AAA Computer Tech, has been closed as a result of a shareholder dispute.
Provisional liquidator, Jirsch Sutherland Chartered Accountants, was appointed on December 21 after a wind-up application was lodged against the Sydney-based company. Jirsch spokesperson, Sule Arnautovic, said AAA owed about $1.5 million to its unsecured creditors and about the same amount to shareholders. He could not confirm how many creditors were on the list.
According to sources, major creditors include Synnex, Ingram Micro and TodayTech.
Synnex managing director, Kee Ong, said it was owed up to $250,000.
Arnautovic put the company's demise down to irreconcilable differences between AAA's sole local director, and its shareholders. His firm hoped to gain power of sale rights over AAA's assets from the Supreme Court this week. He predicted the business would be sold.
"AAA's 25 employees were terminated on December 8, and the head office lease has ended, so there's no real prospect for going forward in its current structure," he said. "Our understanding is that the business had been travelling well financially. However, if outstanding loans were called in, the company would be insolvent.
"We will be looking to sell the assets."