The Supreme Court of New South Wales has approved Gary Fettes (pictured) of Rodgers Reidy as liquidator for the shell of IT services company, S Central.
Fettes, who was originally put forward by S Central founder Peter Mavridis, will now oversee the winding up of the shell of the company after its assets were sold to Brennan IT in November last year.
Over the coming days, Fettes will request a report from receiver and manager, Tim Norman of Deloitte, appointed by S Central's major creditor the National Australia Bank to prioritise money owed to the bank over money owed to trade creditors and staff.
Fettes said he is yet to receive enough information on the S Central business to offer any opinion on what hope former staff may have of receiving unpaid salaries and entitlements.
But he confirmed he would be responsible for facilitating payments for staff via the Federal Government's GEERS (General Employee Entitlements and Redundancy) scheme, provided any funds remain available after Deloitte and NAB have taken their first grab at the assets.
"If there are no funds left for employees, I have the ability to facilitate a solution through the Government Redundancy Scheme," Fettes told CRN.
Fettes asked that creditors and staff continue to wait patiently until he has seen all the data on S Central before making contact.
He said Deloitte will have 14 days to submit a report to Rodgers Reidy once he has requested it.
Should there be no funds remaining for staff entitlements, Fettes said he would initiate the GEERS process, and expected it to take at least a further three months before the Government sends him cheques for distribution to affected former employees.
While he is yet to look at the S Central situation in detail, Fettes said that at a general level, unpaid staff entitlements tend to be covered by any remaining "floating assets" once Deloitte has had its way with the books.
"Floating assets" refer to debtors and stock.
Deloitte has not returned calls requesting comment.
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