Infotronics’ unsecured creditors are unlikely to see any return from the liquidation process, if figures in the initial assets summary are accurate.
According to a circulation to creditors from the liquidator, Romanis Cant, which was sighted by ARN and signed by S Central managing director, Peter Mavridis, Infotronics had about $560,00 in realisable assets including $400,000 in sundry debtors, $150,000 in stock and $10,000 in equipment. In contrast, its total deficiencies are estimated at $1.18 million.
This includes a $600,000 debt to its bank, NAB, along with just over $1m in unsecured creditors’ bills.
Vendors owed money include Veeam Software ($US160,000), Kerio Technologies ($US65,574), Celestix Networks ($US72,971), Datacore (US$18,630) and SEN Computer GmbH (GBP38,544).
However, sources close to S Central pointed out several of the distributor’s current and former vendor partners, including Vizioncore, ThinPrint, AdventNet and Igel, are not listed on the circulation notice, raising speculation around how much each is owed.
It is understood Infotronics was on hold with several key suppliers prior to S Central’s business asset sale to Brennan IT. The company ceased trading on the same day – November 4. It had six full-time staff at the time.
Liquidators, Romanis Cant, were appointed to Infotronics on November 11. Co-liquidator, Simon Nelson, told ARN it was now looking at winding up the final pieces of the business.
A creditors’ meeting will be held on November 20. In the meantime, S Central and Brennan IT are now in negotiations over who will take charge of pursuing S Central’s debtors list.