UPDATE: Edge receiver appointed, GM says goodbye
- 09 June, 2000 09:19
Thousands of Australian resellers are left out in the cold after a receiver was yesterday appointed to the Edge group of companies to chase up to $1 million owed to a secured creditor.
Edge Technology's general manager, Emily Ballantyne, sent an e-mail to Edge Australia Branch Managers and Edge NZ yesterday confirming the company is in voluntary administration and is expected to be liquidated within the next seven days.
"On behalf of the management of Edge I want to thank you all for your hard work, support and loyalty to the company for the past 10 years. We will endeavour to look after everyone as best we can and hopefully you will all get your entitlements, but it is now out of our hands and may take up to a month to be sorted out," she wrote in the e-mail, consequently leaked to ARN.
Registered liquidator Chris Wykes of Lawler Partners has been appointed by the company's secured creditor, Cash Resources Australia, to chase outstanding debts of close to $1 million dollars, the receiver reports.
Wykes told ARN he is the receiver of Edge Computer, KTX Technology, Edge Technology, Edge Property and Edge Holdings.
Meanwhile, Armstrong, Wiley and Co was appointed on Wednesday as the Edge group's voluntary administrator. Andrew Wiley is managing the administration of a range of companies affiliated with the Edge group.
Wykes reports the group is no longer trading. "My role is to secure, realise these assets and settle the debt to the secured creditor," he said. Wykes was unable to estimate how long it will take to recover the company's assets.
Meanwhile, Ballantyne asked Edge management in the e-mail to keep collecting debtors' money.
"For those of you who are staying on for a little while longer, please keep collecting as much of the debtor [money]as possible and keep banking daily. The more money we get in, the better it will be for all of us," she wrote."I hope Edge NZ can be strong and survive on its own two feet.
I will miss you all very much. Good luck to all of you in the future. Yours sincerely, Emily."Editor's note: What impact does Edge Technology's collapse have on you, the reseller? E-mail Mark_Jones@idg.com.au to voice your opinion.