The South Australia-based distributor formerly known as Hyundai MultiCAV has been forced into administration as a result of financial difficulties – capping off a tempestuous year in the Hyundai channel.
Andrew Heard and Peter Macks, of PPB Chartered Accountants & Business Reconstruction Specialists in Adelaide, were appointed joint and several administrators of ACN 098 249 784 Pty Ltd on 22 April. The first creditors' meeting has been scheduled for tonight, 2 May, in Adelaide.
Documents lodged with the Australian Securities and Investments Commission (ASIC) reveal that Hyundai MultiCAV changed its name to ACN 098 249 784 Pty Ltd on 8 March. A creditor's letter suggested the company ceased trading in October last year.
Aron Jackson, sole director at Hyundai MultiCAV, could not be found for comment. However, a creditor has alleged that Hyundai MultiCAV was in debt to the tune of at least $1.4 million.
David Lee, sales and marketing director at reseller PC-Club Australia, said in a statement that the reseller and box-builder had served Hyundai MultiCAV with a statutory demand for payment of debts in excess of $951,000.
"PC-Club's claim against Hyundai – now called ACN 098 249 784 – is for $1,061,788.30," Lee alleged.
"We understand there are a number of other creditors, including the Australian Tax Office, Commonwealth Bank, as well as United Electrical apparently themselves, alone, being owed some $350,000 or more."
Administrators at PPB had not returned phone calls at press-time.
However, court documents reveal that PC-Club Australia sued Hyundai MultiCAV in the Supreme Court of South Australia last year.
The judge's ruling -- viewed by CRN -- reveals that Hyundai challenged the claim, but the court set aside Hyundai's application and also ordered the latter to pay PC-Club Australia's legal costs.
Lee said the dispute had originally been started by Jackson after his company allegedly failed to pay its debts to PC-Club Australia.
"This was just one of a number of demands served on Hyundai," he said.
The Hyundai distributor is a subsidiary of holding company Jackar Holdings, chaired by Ed Reynolds. Reynolds also could not be reached for comment.
The collapse of Hyundai MultiCAV caps off a tempestuous year in the Hyundai channel.
Two highly-publicised warehouse thefts and a truck hijacking in March 2004 were followed by a flap over the origin of missing Hyundai computers in which various channel players – including PC-Club Australia, United Electrical and Hyundai MultiCAV – weighed in.
Late November saw Microsoft and PC-Club Australia in a Federal Court of NSW stoush over alleged software copyright infringement. Aron Jackson of Hyundai MultiCAV provided affidavits for that four-day hearing that Microsoft used to support its case.