Ind gives up fight against Quadtel failure

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Administrators have been re-appointed to Brisbane channel company Wytomic after the firm failed to fund a feasible resurrection plan for the former niche software distributor and re-publisher.

Administrators have been re-appointed to Brisbane channel company Wytomic after the firm failed to fund a feasible resurrection plan for the former niche software distributor and re-publisher.

ASX-listed Wytomic – formerly Quadtel – re-entered administration on 1 September, after failing to pay its listing fee by 30 August.

Bruce Ind, director and company secretary at Wytomic, told CRN in April that the company would seek other ways to raise capital and keep the business going, after a multi-million-dollar proposal involving mobile applications developer Original Spin collapsed.

Wytomic would consider other deals or quite different deals that would help the company begin trading again – not necessarily involving technology companies, Ind said at the time.

Wytomic went on to sign a heads of agreement in July to buy out telecommunications reseller Veritel, which pulled out of the deal in August.

Wytomic filed a statement to the ASX this month conceding defeat.

Bryan Hughes, one of the company's joint and several administrators at Perth-based accountancy Pitcher Partners, said in a statement that Wytomic's directors had since resolved to re-enter voluntary administration.

Hughes said that Pitcher Partners were seeking alternatives to liquidating the firm. “At this preliminary stage, we are satisfied an [alternative] proposal can be developed,” he said.

Any restructure proposal would be presented to creditors and then to shareholders, a process likely to take around three months, Hughes said.

As Quadtel, the company had first entered administration mid-2003, after its board denied further funding to subsidiaries Quadtel International and software distributor Marketing Results.

Marketing Results was acquired by Phoenix IT.

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