Optus partner enters liquidation owing $500K to creditors
- 19 June, 2019 11:04
Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors.
The 10-year-old company, which ran an Optus Business Centre in North Sydney, appointed liquidator Graeme Beattie of Worrells, on 3 June facing more than $1.1 million in total financial liabilities.
Subsequent liquidation proceedings revealed the insolvent company owes Optus $123,333 and $48,500 to Vocus-owned telco M2 Commander.
Optus confirmed to ARN that it ended its partnership with Anderson IT on 31 May. Four days later, Anderson ceased trading altogether and initiated liquidation proceedings.
The company was incorporated in June 2009 by James Anderson as an IT consultancy and telco services provider in the retail and wholesale space. Anderson currently remains a director of the company alongside Enrico Antonio, both of whom have been contacted for comment by ARN.
According to the liquidators' report, the company’s insolvency stemmed from a lack of capital, trading losses, a wider economic downturn plus legal actions.
In addition, the company also experienced financial difficulties due to the loss of revenue caused by the termination of contracts from a major retailer and the resignation of key staff, the document added.
As well as Optus and M2, Anderson also owed $135,000 to the Neutral Bay-based Charn Sulochana, almost $60,000 to BMW and Volkswagen collectively, plus $32,298 to Westpac and $74,409 to business financier Classic Funding Group.
According to the application filed by James Anderson, the company had assets of $1.29 million at the time of winding up.
A further report to creditors is expected to be issued in the near future following further investigations by the liquidators.