The past few months have seen some channel companies chalk up record profits while, sadly, some others have gone under. Here are 10 prominent businesses that have hit the wall.
The Melbourne-based reseller was up for sale one week after administrators were called into the embattled business. Joint administrators, Michael Humphries and Steve Dickson from BDO, were appointed to the 10- year-old company on February 17.
Clive Peeters hit financial trouble when it discovered its accountant, Sonya Causer, had stolen more than $19 million from the company. A few months later, receivers were appointed and the business was eventually sold to Harvey Norman for $55 million.
Liquidator for IT services and software company, Beacon IT, was weighing up legal action against the failed business to recoup property and compensation for outstanding creditors. It has sold off its Beacon Information Delivery Systems software arm to an unnamed buyer and the liquidators were working on winding up the company and investigating its financial affairs.
Almost six months after S Central’s business assets were sold off to Brennan IT, the liquidator revealed outstanding staff entitlements still hadn’t been paid. Receivers had also been appointed to the company’s book debts after it failed to reach an agreement over the issue with Brennan IT. Its distribution arm, Infotronics, was placed into liquidation a week after the asset sale to Brennan.
The industry stalwart went into voluntary administration and appointed McGrathNicol. Several industry sources claimed the systems integrator’s fall was precipitated by ongoing credit issues. Its managing director, Frank Colli, told ARN his focus was to get the best outcome for Leading’s staff and stressed their integrity and support.