TodayTech’s unsecured creditors are likely to see $0.20 of every dollar they are owed by the distributor, according to the administrator.
Rob Whitton of William Buck was elected administrator on October 7 three months after TodayTech lost its key vendor relationship with Intel.
Upon his appointment, he estimated there were 75 unsecured creditors, along with one secured creditor in the banking sector.
Despite the smaller return for unsecured creditors, the secured creditor, as well as employees, would be paid entitlements in full, he said.
Whitton expected TodayTech would be liquidated, rather than put under a deed of company arrangement, at the next creditors’ meeting in a few weeks time. In the meantime, the administrator has terminated most of the 35 staff and begun the process of selling off assets.
Stock had been returned to suppliers with a valid title claim, while residual stock, plant and equipment would be auctioned over the next month, Whitton said.
Repeated requests for comment from TodayTech founder and managing director, Jack Zhong, had not been returned at time of publication.