Queensland services provider liquidated with $1M in debt
- 04 September, 2017 11:45
Queensland-based Soma Information Technology, which traded as Soma IT, has entered liquidation owing over $1 million to creditors.
The company was registered with the Australian Securities and Investments Commission (ASIC) in May 2014, and offered IT business support.
In July, a resolution to wind up the company was passed followed by the appointment of David Iannuzzi and Steve Naidenov, from Veritas Advisory, as liquidators on 13 July. On the same date the company changed its name to ACN 168 810 124 PTY LTD.
The business had been sold prior to the appointment of the liquidators, according to documents lodged with Australia's corporate regulator, which outlined the content of a meeting of the company's creditors on 31 July.
A preliminary review indicated that money was due under the sale agreement, which the liquidators will be pursuing, the documents indicated.
The company’s debt includes $900,000 to the Australian Taxation Office (ATO), which makes up the bulk of the debt. There is also $172,000 owed to other creditors.
Additionally, the documents reveal that part of the reason for Soma IT’s failure was that of the director entering into a 'Part 10 Personal Insolvency Arrangement', according to the company's joint liquidator, Steven Naidenov.
This type of agreement legally binds a person and its creditors, and involves the appointment of a trustee to take control of the person’s property and make an offer to creditors.
According to the liquidators, the director also received a Director Penalty Notice which had to be acted upon. This notice is issued by the ATO if a company does not meet its Pay as you go (PAYG) withholding and superannuation guarantee charge (SGC) obligations.
The liquidators did not respond to ARN’s enquiries at the time of writing.