TodayTech Distribution and its parent company, TodayTech Group, have officially been liquidated.
Creditors for the distribution subsidiary voted the company into liquidation on November 25, after a last-minute effort by directors to draw up a deed of company arrangement failed. The decision comes nearly two months after voluntary administrator, Robert Whitton of William Buck, was brought in on October 7.
Whitton, who is now acting as liquidator, said his next step was to complete the investigation into the company, including claims it may have traded while insolvent. He will also look to recover whatever debt is left, and sell-off remaining equipment.
In a creditors’ report, dated November 6, Whitton stated TodayTech had sufficient net asset deficiencies and could have been trading while insolvent for several months.
“It’s too early to tell what will happen with those [investigations],” he said. Meanwhile, TodayTech Distribution’s parent company, TodayTech Group, was liquidated on November 27.
“The main reason the holding company went into liquidation was that it held the Sydney property lease,” Whitton said. “There is potential for claims as TodayTech abandoned those premises.”
TodayTech Group also had several other trading entities but none had any assets attached, he said.