Liquidators for NSW-based reseller, AAA Computer Tech, are weighing up legal action against one of its company directors over a $270,000 loan.
Official liquidator at Jirsch Sutherland, Sule Arnautovic, said it had recovered almost $1 million of the $1.5 million owed to creditors. Nearly $300,000 was related to employee entitlements. He said it had paid staff entitlements in full.
Jirsch Sutherland was appointed as liquidators to AAA Computers on December 21 following a dispute between the reseller's directors and shareholders. Since then, AAA's business assets, including stock, has been sold to JC Technology Pty Ltd.
Alongside the sale of assets, Arnautovic said it was looking to settle with company shareholder, Lian Zhang, over a $150,000 "shareholder preference payment" granted prior to liquidators being called.
However, it is undertaking an investigation on another company director over a similar loan worth $270,000, which is subject to litigation, Arnautovic said. The loan was also granted prior to AAA going into liquidation.
Arnautovic said it was too early to consider any insolvency claims.
"Our primary focus at this stage is on the $270,000 transaction. If we recover that, we'll consider the insolvency issue," he said. "However, our indications were that the company was a successful one - it was a dispute between shareholders which led to its failure."
A creditors' meeting will be held on May 21 to discuss legal settlements as well as the liquidator's findings.