One of the largest creditors of failed Telstra distributor ICT 123 Pty Ltd has launched new action to claw back money from the holding company.
More than nine months into the administration, unsecured creditors are no closer to seeing any return. The most recent update from administrator Loebenstein Insolvency Services, lodged with ASIC on 12 November, showed an outstanding deficit of $1.8 million of unsecured creditors and $294,000 of priority creditors.
Now specialist financier Moneytech is seeking to wind up ICT 123 Holdings in the vain hope of recouping some of the $101,000 owed.
Moneytech boss Hugh Evans told CRN he wasn't particularly hopeful of a return. When asked if he expected the holding company would have any assets, he said: "Not that we know of, but it is our policy to pursue all avenues until we know there is no chance of being paid."
He added that there was some hope the directors of ICT 123 Holdings might settle to avoid "the black mark" of a liquidation against their names.
The liquidator of ICT 123 Pty Ltd, Andrew Cameron of Loebenstein Insolvency, would not comment when contacted by CRN.
A Telstra spokesperson declined to comment on "commercial dealings with creditors". The vendor is owed $420,000 by ICT 123.
Telstra Business & Enterprise Partners director Keith Masterton said: "Our number one priority in relation to this matter has been to work closely with impacted partners and employees to ensure we maintain a high level of service for our customers. That continues to be our focus."
ICT 123 Pty Ltd went into liquidation in April 2014, leaving a trail of almost 100 dealers owed sums ranging from $30 to more than $20,000, much of it rebates for handsets already sold.
The directors blamed the collapse on the fraud of one Queensland reseller.
Speaking to CRN this week, one creditor, Daeko Nezic from Skilled IT, said his company just let the debt slide. "We chalked it up as a bad experience."
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