IT and telecommunications services provider, Remote Technical Communication & Satellite Services, has entered administration after getting hit by tough competition and struggling to generate enough income to stay afloat.
Based in Alice Springs, Northern Territory, Remote Technical Communication & Satellite Services provided document management services while assisting businesses with a paper light policy.
The company also provided IT assistance, such as setting up phones and phone systems, notebooks and desktops and data cabling.
The services provider was registered with the Australian Securities and Investments Commission (ASIC) in November 2015.
David Iannuzzi and Steve Naidenov were appointed as joint administrators on 17 October 2017. Naidenov told ARN that the administrators are still investigating the affairs of the company to determine if any other factors have contributed to the failure of the business.
A first meeting of creditors is scheduled for 27 October and, at this point, unrelated creditors claim a combined amount of $290,000.
Naidenov said the director of the company indicated he will propose a Deed of Company Arrangement (DoCA) and such proposal will be determined at the company’s second meeting of creditors expected to be held about 21 November 2017.
“It appears that the business was sold on or about March/April 2017,” Naidenov told ARN. “I note currently there are at least 15 employees that were terminated, of which my staff is attempting to quantify outstanding employee entitlements.”
The company’s had not responded to ARN's queries at the time of writing.