Liquidator: S Central's debts ran into the millions

Liquidator: S Central's debts ran into the millions

Former employees should receive entitlements in the next four weeks

The liquidator appointed to failed integrator, S Central, claims company records show unsecured creditors are owed about $3.2 million.

Gary Fettes of Rodgers Reidy Chartered Accountants said employee claims were just under $500,000 and National Australia Bank (NAB) was owed about $2.8 million.

Fettes was appointed as S Central liquidator in February by the Supreme Court of Australia. He said he couldn’t vouch for the accuracy of the figures, but they were what the liquidator discovered in the company records.

NAB was the only secured creditor. It had appointed receivers and managers, which had collected some money, but it was insufficient to pay them out in full, Fettes said.

“We haven’t cited any evidence that there will be any assets available to the unsecured creditors at the moment,” he said.

Employee entitlements covered by the GEERs scheme are currently being processed by the Government, Fettes said.

“We did get some records from Brennan IT that were sufficient for us, along with other supporting evidence, to deal with the employee claims, which was our priority,” he said.

The liquidator was very close to getting funds from the Government to distribute among the former employees.

“Hopefully, that will happen in the next four weeks,” he said. “I’m still waiting for the cheque.”

In November last year, Brennan IT purchased S Central assets.

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Tags s centralBrennan ITliquidationRodgers Reidy

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