Defunct systems integrator, Leading Solutions, owed creditors $12.486 million at the time administrators were appointed, recent documents reveal.
The figure was listed during a presentation of account documents lodged by voluntary administrator, McGrathNicol, on January 4. Co-administrators, Johan Vorster and Matthew Caddy, were appointed to Leading on October 29.
Several industry sources claim the systems integrator’s fall was precipitated by ongoing credit issues over its last 12 months.
It is understood Leading’s largest creditor was key vendor partner, HP. The Leading company shell was placed into liquidation on December 8.
The Leading Solutions business was acquired by ASX-listed rival, Synergy Plus (formerly ComputerCorp) on November 16. The deal included current IT procurement and service contracts, associated goodwill, stock, records and equipment.
Synergy acting CEO, Pete Cappendell, said 48 staff had signed employee contracts and joined the company. Final settlement of the purchase, which was initially expected by December 2, was held over during the holidays and should now be achieved next week.
“We’re happy with that result. It’s always difficult to balance the number of staff with the amount of business – we had to make the call quite quickly,” Cappendell said. Once completed, all outstanding employee entitlements can be fulfilled.