Reseller Kytec Solutions Pty Limited has filed for voluntary administration – which the managing director claimed was a mechanism for a management buyout.
DCS Advisory was appointed as voluntary administrator on 4 April.
Kytec MD David Okulicz said the company has undergone an MBO that "removes my ex-business partner, [who is] now running a competitive organisation".
Okulicz explained that a previous director of Kytec resigned on September 23 and subsequently setup a new organisation. A management buyout was formulated and a separate company, Kytec Pty Ltd, was registered on 3 February; Okulicz said this new entity had purchased the trading business from Kytec Solutions.
He added that this also saw its head office move from Perth to Melbourne.
"Everything stays the same. All existing contracts remain the same, all existing staff remain employed by the business," he said.
The company went into administration because "there was an old company that needed to be wrapped up. It wasn't trading anymore, because the business had been sold as part of the management restructure."
On 14 March, a winding-up notice was filed against Kytec by The Trust Company, but Okulicz said the administration and MBO "has nothing to do with the winding-up order".
Kytec Group has more than 30 staff, Okulicz said. The company specialises in networking, collaboration, contact centre and cloud. Its main vendor partner is Cisco.
In 2010, Kytec was named Cisco's SMB partner of the year for the Asia Pacific region.
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