Comsys liquidated

Comsys liquidated

Melbourne-based managed service provider's cash flow woes render it 'hopelessly insolvent', liquidators claim

Managed services provider, Comsys, has been placed into voluntary liquidation.

Effective from today, the Melbourne-based organisation is no longer trading, its staff have been terminated and its offices closed. Co-liquidator, Steven Kugel, said the organisation’s directors approached him to conduct an investigation into the company, which had been deemed ‘hopelessly insolvent’.

Kugel and Andrew Warner from CRS Warner Kugel were appointed liquidators on October 30.

“It’s early days into the investigation, but from what I understand, the company experienced a cash flow problem,” Kugel said. “Basically, it wasn’t getting paid by its customers, meaning it couldn’t pay its own staff.”

Kugel expected under $500,000 in creditors by the end of the investigation.

At its height, Comsys had six offices in Sydney, Melbourne, Adelaide, Brisbane, Perth and Hobart. However, staff numbers at time of closure was believed to be around eight, Kugel said.

Over the next three days, the liquidators will prepare a preliminary report to creditors, and a first creditors’ meeting is set for November 10.

Comsys was formed in 1999 and provided managed services, project scoping, project delivery, infrastructure design, implementation, customised solutions and training. Vendor partners included Microsoft, Symantec, Dell, IBM, VMware, EMC and Novell.

The systems integrator is the third channel organisation to falter this week, following Leading Solutions and Phoenix Toner.

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Tags Managed ServicesliquidationComsys


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