Liquidated print distie pays back $1.1m to creditors

Tonnex has paid back about $1.1 million of the $4.85 million it owed in August, when the sub-distributor first went under.

All the repaid debt has gone to the secured creditor and former staff entitlements. Unsecured creditors are still left with $3.1 million owing – a figure unchanged since the start of the liquidation.

CRN reported in September that Synnex is more than $525,000 out of pocket, Ingram Micro over $512,000, and Lanier Australia close to $224,000. Tonnex owes $750,000 to rival distie Dynamic Supplies after losing a $150,000 copyright infringement court case last year.

All those unsecured creditors remain unpaid, while the biggest beneficiary over the past six months has been secured creditor Westpac. Tonnex's $1.85 million debt to the bank has shrunk down to $745,992.

According to the latest liquidators report, many former Tonnex staff have now had their missing entitlements paid, including former director George Kozman.

Tonnex was a printing consumables distributor and sub-distributor in Victoria. Its legal battle with Dynamic Supplies went on for five years, before loss of a Federal Court appeal in August prompted the liquidation.