Storage solutions integrator, SecureData, has been put into liquidation and could become the subject of an ASIC inquiry following claims the company was trading while insolvent.
A SecureData creditor told ARN that a creditor's meeting held by the company's administrators last week saw the majority vote in favour of liquidation.
This left the door open for receivers to investigate and potentially seize the assets of the company's former directors to recover funds for creditors, the source claimed.
The SecureData business was acquired by Dimension Data on November 26.
The sale included its intellectual property, client base and existing vendor partnerships as well as its 51 per cent in SQL Services.
However, the deal did not include coverage of SecureData's company liabilities.
As a result, the shell of the com- pany was placed into administration on December 3.
According to sources, SecureData's creditor bills run into millions of dollars.
Companies currently awaiting compensation include Network Appliance, Veritas, XSI, Hitachi and EMC.
Staff superannuation payments, which are being overseen by the Australian Tax Office, are also estimated to be worth about $1 million.
With the company now in liquidation, the two key issues being investigated are whether the company had traded while insolvent, and if its subsidiary business, DataBank, had been undervalued when sold.
At the time of its appointment, administrator of SecureData, PPB's Mark Robinson, told ARN the firm would look into the sale of its subsidiary business, DataBank.
The division had been purchased by a family relative several months prior to the Dimension Data sale.
"The overall feeling from creditors is that if they had taken DataBank to the marketplace, they may have raised more for the business," the source claimed.
Administrators suspected the company had also been trading while insolvent for a period of time, the source said.
"The administrators indicated they had grounds to say it was insolvent," the source said.
The administrator has, however, ensured former SecureData staff who lost their jobs that their entitlements would be paid in full, regardless of the outcome of the liquidation process, the source said.
PPB declined to comment on the outcome of the creditor's meeting or its future actions with regards to SecureData.
However, a staff member confirmed a copy of its report into the SecureData business had been passed on to ASIC. PPB has also been appointed to oversee the liquidation process.
A committee of 10 people had also been established to investigate each company directors' assets, the source said.