The administrator of Adelaide specialist wireless product distributor Integrity Data Systems is attempting to sell the business.
Integrity entered voluntary administration earlier this month appointing Sims Partners to act as administrator. The distributor owed $1.2 million to unnamed creditors, according to Stuart Otway, senior manager at Sims Partners.
Otway said the business was continuing to trade in a “limited capacity” while Sims attempted to offload it. Advertisements were placed in Tuesday 18 October editions of the Australian Financial Review and Australian newspapers.
Otway said Sims had already received some interest.
Otway said Integrity CEO and company director Ross Chiswell had considered putting together a deed of company arrangement to pay back creditors.
However, it had been decided it would be better to sell the business.
Integrity ran into trouble last financial year following a decision to expand nationally, with Chiswell setting up offices in NSW and Victoria.
The new offices increased overheads by $500,000 per annum but earned no additional revenue, Otway said.
Both offices had since been closed and the distributor was servicing customers nationally via its Adelaide office.
Integrity had five staff. Earlier this year, it had 10.
A second creditors' meeting was scheduled for 27 October. Expressions of interest would close on 28 October.
Ross Chiswell was not available for comment.
Integrity Data Systems up for sale
By Byron Connolly on Oct 19, 2005 11:16AM