BCN is now in the hands of administrators, with the former distribution company owing more than $4 million to creditors.
Chartered accountant and insolvency firm, O’Brien Palmer was appointed as BCN’s administrator on 3 August.
According to Bryan Collis, spokesperson for O’Brien Palmer, the company owed 50 creditors including LG, Canon, Mitsubishi and MSI Technology over $4 million.
He said the company stopped trading on 31 July, with all employees terminated and out of the office by that date.
“When we went in there was very little stock, because the owner [Ken Lowe] had a clearance sale. We are basically looking into where the invoices are for the sale,” he said.
“The first creditor meeting was held on the 10 August. Recovery of monies owed will be reliant on the debtors. As the staff had left before we went in, it’s hard to say what the financial state of the company is.”
CRN contacted former BCN Ken Lowe who stated he had “no comment for the press.”
One BCN employee who has weathered the storm is Ian Medcalf, former product marketing manager.
Medcalf is now a ‘consultant’ for a new distribution company dubbed Embed Digital.
The company was created on 19 July and currently sells products from Taiwanese chip-maker Via Technologies (a former BCN vendor).
John Gatt, the local spokesperson for Via, said he “didn’t know” if the stock being sold by Embed Digital was stock from BCN.
BCN in the hands of administrators
By Lilia Guan on Aug 14, 2006 2:06PM