Westan/Wintech deal "probably terminated"

HK Tang told CRN he was an independent consultant part of the team negotiating the transaction between the two distributors.

"I read about Wintech this morning. I would say the deal will probably be terminated," he said.

Wintech has put a hold on trading on the ASX, after announcing that Deloitte Touche Tohmatsu's Timothy Bryce Norman had been appointed as receiver and manager for MTD.

The appointment of receivers followed notification by MTD's bank that it was in default and required to pay around $5 million immediately.

Victor Aghtan, founder of Westan, wasn't available for comments, at the time of press.

In a previous interview, Aghtan said after many years in the industry it was time to call it a day.

"I made my intentions fairly clear to people in the market. I've been in the industry for 20 years, it's time to call it a day," Aghtan said.

"I have mixed feelings," he said. "You've grown the company, you've nurtured it, it's like your child. I guess when you grow older you don't want to look after it any more."