Optima administrators recommend liquidation

Optima administrators recommend liquidation

Creditors debt exceeds $14 million according to initial documents

Optima’s administrators are recommending the company and its subsidiaries be placed into liquidation.

Joint administrator for Moore Stephens, David Mansfield, said it would put the recommendation to creditors at a meeting scheduled for August 28. Optima appointed Moore Stephens as voluntary administrators on July 24. It is now looking to sell the company’s assets and has received several expressions of interest.

“We’re looking at the offers we have received, then will move to sell those assets. These are not just for Optima but for Digital City and 3Cshop as well,” Mansfield said. “There are various debtors outstanding for Optima, so we’re actively trying to collect those.”

As previously reported, Optima also has substantial warranty claims . Several other providers have already put their hands up to take on the work including Leading Edge and Impact Systems. Mansfield confirmed Moore Stephens had received various offers around the warranty business and was now evaluating them.

“This is a very complex area – there’s no quick fix,” he said. “We’re not committed to anyone out there in the media wanting the warranties work as yet.”

According to creditor submissions, Optima’s total debts including Digital City and 3Cshop subsidiaries exceed $14 million. Major unsecured creditors in Optima’s technology solutions business include Goodman Property Services ($1.8 million), the NSW Roads and Traffic Authority ($1.4 million), Leading Edge Group (over $1 million in warranty claims), Chenbro Micom ($303,000), Ingram Micro ($195,000) and Synnex ($US104,000).

On the Digital City side creditors include Multimedia Technology ($327,000) and its Optima ICM listed entity ($2.3 million), while the major creditor for the 3Cshop reseller division was Ingram Micro ($598,000).

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