A lonely Jeffery Tobias sat at the end of the administrative panel facing a room of sullen and apprehensive creditors as Administrator Ron Dean-Willcocks read what creditors felt would be the last Will and Testament for the now defunct software distributor Dataflow.
However, creditors were offered little more than "an investigation is underway", as to the possible fate of the company and what likelihood they have of seeing their money again.
Dean-Willcocks told creditors it would be "premature at this stage" to assume the company will go into liquidation until the second meeting of creditors, in 21 days time, is held.
Furthermore the report "will consider" the botched ERP implementation which is widely reported to be partially responsible for the disintegration of Dataflow.
It was revealed that Dataflow owes creditors in excess of $35 million, with secured creditors ANZ and Dataflow employees owed $7.67 million and $588,000 respectively.
The remaining unsecured creditors wait anxious for any surplus - after the secured creditors are paid in full - to be divided amongst themselves. Unsecured creditors are reportedly owed $27 million, with $16 million of that owed to related company Dataflow Holdings. In essence, this represents $11 million owed to outside, third-party suppliers.
Convened at the Sydney offices of Star Dean-Willcocks, the first meeting of creditors was held last week for the information of creditors in pursuant to the Corporation Law. Partner Ron Dean-Willcocks was apologetic for the limited nature of the meeting.
Creditors were told the appointed Receiver, Arthur Anderson, was unable to secure a sale of the company in a brief three-week period after 29 May, despite some interest in the company. Jeffery Tobias, director and founder of Dataflow, said it was difficult to sell "a company worth $90 million" with such a short window of opportunity.