Criminal charges have reportedly been laid after a Melbourne tech company collapsed with almost $2 million of debt.
LDS International, which traded as Nextstep Computers, entered liquidation on 29 March, according to ASIC records. Brent Morgan of Rodgers Reidy was appointed liquidator.
LDS has at least $1.9 million of liabilities, according to a record of the first creditors meeting lodged with ASIC.
Liabilities include $1.34 million debt owed to unsecured creditors and $144,000 owed to preferential creditors. The company’s asset position is unknown, but the document did reveal $414,000 of assets subject to specific charges.
The list of unsecured creditors shows debts of $395,000 to Ingram Micro, $291,000 to Centre Com, $202,000 to Synnex Australia and $83,000 to 888 Software.
The document also lists nine secured creditors, although their claims are not yet known. The secured creditors list again includes Ingram Micro and Synnex, as well as Avnet, Bluechip Infotech, Compucon Computers and Dicker Data.
Morgan from Rodgers Reidy told CRN that the collapse is likely to play out in court.
“The company collapsed because of alleged fraud committed by an ex-employee who had allegedly transferred considerable assets out of the company,” he said.
LDS had about 20 staff, according to Morgan, who added that the employee in question was not the director.
Morgan said it was unclear at this stage how much money would be recouped, with recovery of debts partly dependent on litigation.
He also said that he understood criminal charges had been laid against the ex-employee.
CRN phoned LDS for comment but the listed numbers either rang out or were disconnected. According to an internet archive, the Nextstep Computers website has been offline since 2015.
The second creditors meeting is scheduled for 14 April.
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