Having survived convictions of tax evasion, pirating and false advertising it's finally all over for one of Australia's most controversial channel companies. The Supreme Court of Victoria has thrown Z-Tek Computers Pty Ltd into liquidation under section 459 of the Corporations Law.
As revealed by ARN last week, Taiwanese monitor manufacturer Lite-on Technology dragged Z-Tek into court over a long-standing dispute involving over $1 million in outstanding debts. Z-Tek was given a week to accept a settlement proposal issued by Lite-on's legal representatives but rejected it yesterday in court.
Accounting firm Andrew Dunner and Associates has been appointed official liquidator and now has the power to take further legal action against remaining Z-Tek director Li Ping Huang if the investigation reveals further breaches of the Trade Practices Act or Corporations Law.
Sources in contact with ARN claim that in a last ditch effort to escape legal ramifications Z-Tek has cleaned out its warehouse and shipped its remaining stock to Sydney. It is also alleged the company has registered under a new name and is looking to continue trading.
Liquidator Andrew Dunner, has not established whether the company has registered under a new name in Sydney but did confirm stock that was on Z-Tek's premises last week has "gone missing". However, Dunner was unable to speculate where it had been shipped to.
The disappearance of Z-Tek's stock assets jeopardises Lite-on's chances of receiving any of the US$504,249 it is owed.
"It is unlikely [creditors] will receive any [outstanding debt] until the stock is located," Dunner told ARN.
Dunner has revealed the financial records of the company are in disarray and is asking for any creditors to step forward and contact his office with the hope of assisting in his investigation.
"The accounting figures are inadequate for me to complete my investigation," disclosed Dunner.
He has also been in contact with QBE Trade Indemnities, a division of QBE Insurance, which is currently looking into Z-Tek's operation. ARN believes this to be on behalf of an unnamed creditor.
The liquidator expects the process will take some time before the full extent of Z-Tek's business activities are known.
At the time of press Z-Tek's Web site had been taken down and its phone's disconnected.
Andrew Dunner and Associates can be contacted at (03) 9866 6170