Failed reseller Sunlit Technology has re-emerged under the management of its former company director David Wu, despite Wu being declared bankrupt.
In October 2001, Brisbane retailer Sunlit Technology fell into liquidation when directors David Wu and Paul Johnson failed to resolve a bitter dispute over company financial records and the division of company assets after the pair signed an agreement to split the company last September.
Hall Chadwick was the appointed administrator for Sunlit Technology and sold the remaining company assets, worth around $170,000. To this day, Sunlit's unsecured creditors have not seen one cent of the $1.8 million the company owes them. However, the Commonwealth Bank, a secured creditor to the tune of $250,000, received a substantial pay-out from the sale of the company's assets.
Following the liquidation of the company, the directors declared themselves bankrupt. Both directors faced a large number of debts that they were personally liable for after issuing certain suppliers with personal guarantees in order to secure credit.
Under the Australian Corporations Act, individuals declared bankrupt are forbidden from managing a corporation for five years. However, David Wu is now employed as managing director of Brisbane retailer Sunlit Technology, according to the company's Web site. When ARN contacted Sunlit's Coorparoo store, an employee identified David Wu as the managing director.
According to the administrator, the remaining assets of the defunct Sunlit Technology were purchased by a company called Sunlit United Network Stores Pty Ltd, which was incorporated in July 2001 and directed by none other than David Wu. When contacted, Wu said he was no longer the director of the company, which works under the trading name Sunlit Technology.
When asked about the liquidation sale of Sunlit Technology, Wu said: "I bought assets back off the administrators, almost $200,000 worth. I also bought the business name Sunlit Technology off the administrators."
For more on the Sunlit saga, see this week's ARN, out now.