S Central founder Peter Mavridis has committed that he will meet all trade creditors and staff entitlements via "$6 million to $7 million" of incoming receipts from customers as he winds up what remains of the company he founded.
In an interview with CRN this morning, Mavridis said his current debt liabilities to trade creditors stands at between $3 million and $4 million.
"There will be a capital surplus," he said.
Mavridis has sold the physical plant, branding and customer relationships of S Central to Brennan IT for an undisclosed sum. Staff have since contacted CRN saying that they are owed several weeks wages.
"I received my last pay but will not receive the next one, neither will anyone else at S Central nor Infotronics, nor the five weeks annual leave owing," said one ex-employee, Simon Cartright. "I have grave concerns that superannuation has not been paid either. Some haven't received anything at all and have not been paid for four weeks."
Another senior staffer told CRN that "only about 40 percent of staff were paid for the last months wages."
But Mavridis promised that "all staff will get their entitlements" and reaffirmed that Brennan IT will "fill in the gaps" for overlapping entitlements such as commissions.
"The only ones concerned about this are the ones that haven't been offered new roles with Brennan IT - about ten or so, I believe," Mavridis said.
Mavridis said he will "wind down the [S Central] business" as debts come in and creditors are paid, but says that there is "no need" to apply for insolvency.
Mavridis also refuted claims from Brennan IT representatives, reported in CRN this morning, that he will not be working for Brennan IT post the acquisition - saying that it is part of the terms of the agreement he signed with the company.
"I am definitely going across to do a transition," he said.
Read on for the full transcript of the interview with Peter Mavridis...
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