Ongoing internal disputes between the director and three shareholders of AAA Computer Tech, has caused the Sydney-based reseller to cease trading.
According to insolvency firm Jirsch Sutherland partner, Sule Arnautovic, the withdrawal of funds by a shareholder in early December resulted in the ceasation.
The company now has a total debt of $3 million, of which $1.3 million is owed to trade creditors and $1.7 million to the four shareholders, he said.
According to Pioneer Computers director Jeff Li, $10,000 is owed it by AAA Computer Tech.
The reseller also has undisclosed debts to Ingram Micro, Synnex and TodayTech .
“The lack of financial capital meant the director had to cease trading and 25 employees were let go on 8 December 2006,” Arnautovic said.
On the 21 December 2006 the Supreme Court of NSW appointed Jirsch Sutherland as the external administrator.
The firm was currently looking at a number of options for AAA's future, including the possible sale of the business or a restructure of its management and shareholders, Arnautovic said.
“We will be going back to court in early January to discuss the future of the company,” Arnautovic said.
Arnautovic would not name the director and shareholders of the company. AAA had returned returned calls at the time of publication.
For more on this story, see the next issue of CRN.
AAA Computer Tech shuts up shop
By Lilia Guan on Jan 8, 2007 3:36PM