FTC forced into administration

FTC forced into administration

The future of Brisbane-based reseller group, FTC Computers, is in doubt following the appointment of an administrator.

Maroochydore-based receiver, Ramsay Clout, was appointed adminstrator on February 10 following reports that the reseller was unable to pay more than $1.5 million it owed to major creditors.

An initial creditor's meeting was held on February 16.

eSys general manager, George Skaf, said he had halted dealings with FTC Computers after the reseller failed to pay outstanding invoices.

"We have been supplying FTC for the past 12 months," he said. "In mid-January, they had some outstanding dues and our flags went up. We have been having issues chasing the bills up with them, so had to put the account on hold."

Upon visiting the company's head office, the distributor's Brisbane sales representative was asked to leave the premises and informed by staff that FTC was closing down, Skaf said.

"We don't understand the reason for it," he said. "We have not had problems with them before."

Skaf said eSys had sent a solicitor's letter demanding payment or return of stock. eSys was owed less than $50,000, he said. "We have tried to find our stock, but it's not there [at FTC]," he claimed. "The warehouse is virtually empty."

Bluechip Infotech has also confirmed it is owed a six figure sum by the reseller group. Other creditors include Achieva and Synnex.

FTC is understood to be one of two retail companies operated by Michael Kong. The other, First Technology Solutions, is also believed to own two of the six stores trading under the FTC brand.

Another supplier said it stopped dealing with FTC more than six months ago because the company was having trouble paying its bills. ARN was unable to find FTC Computers managing director, Michael Kong, or his wife, Sue, for comment. According to a staff member at one FTC store, three of its shops are owned and managed by Sue Kong.

The staff member said he became concerned after being told by management to reject several new customers. As yet there had been no word to employees about the future of the company, he said.

FTC Computers is the second Brisbane IT reseller in recent months to fall on tough times. In December, Concorde Computers announced that it had entered voluntary administration after being unable to pay about $1.6 million in debts.

Concorde Computers was purchased by reseller group, Computer Australia, last month.

Ramsay Clout had yet to comment at the time of going to press.

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