Hyundai agent enters administration

By

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.

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.

 


 

Got a news tip for our journalists? Share it with us anonymously here.
Tags:

Most Read Articles

Porn industry standardises on HD-DVD

Porn industry standardises on HD-DVD

La Trobe ACAMI supercomputer comes online

La Trobe ACAMI supercomputer comes online

TfNSW extends deal for mobile phone detection cameras

TfNSW extends deal for mobile phone detection cameras

Australian teen leaks pictures of new iPhone parts

Australian teen leaks pictures of new iPhone parts

Log In

  |  Forgot your password?