Following the demise of Maclean Computing a liquidator’s report released last night shows the Auckland-based IT company owed creditors more than $3 milion.
According to an “Estimated State of Affairs” prepared by Waterstone Insolvency, Maclean’s liabilities include $1,072,000 owed to preferential creditors, $1,050,000 to secured creditors and $930,000 to unsecured creditors.
Waterstone says Maclean’s known creditors include big players such as Gen-i, ANZ and IBM as well as smaller organisations such as Alzheimer Auckland.
At the time of liquidation, Maclean’s total assets were estimated to be worth $1,130,000.
Waterstone says an official audit has not been conducted into the accuracy of Maclean’s accounts.
In liquidation cases the Inland Revenue, secured creditors and employees are the first to be paid out.
Computerworld sought comment from the liquidator whether Maclean Computing CEO Chris Maclean is among the secured creditors.
Waterstone general manager Steven Khov replied that "Chris in his personal capacity would be an unsecured creditor."
Maclean Computing was put into liquidation on July 13. Chris Maclean, son of founder Allan Maclean, claims the liquidation occured as a result of a theft from the company by a former financial controller.
The liquidators simply state that Maclean was “unable to pay its debts as they fell due,” which is the legal definition of insolvency.
On July 18 Chris Maclean announced that he and a business partner had purchased the assets of Maclean Computing from Waterstone. The new company is named Maclean Technology Ltd.
Waterstone liquidator Damien Grant said a competitive sales process for the assets took place over five days, but wouldn’t say how many bids were in the running, or what was paid for the assets.
When asked if the sale was in keeping with the ‘Phoenix Law’, or sections 386A-F of the Companies Act (which govern whether the assets of a company in liquidation can be bought by affiliated parties), Grant replied: “I hope it would be, otherwise I’m going to prison.”
He says the process was hastened by publicity that the liquidation received on the Computerworld website, including an article about competitor Code Blue making a play for Maclean Computing's customers.
Some of the prominent Maclean creditors:
- Alzheimers Auckland
- ANZ National Bank
- BDO Spicer
- Citrix Asia Pacific
- Hayes Knight
- Ice House
- Ingram Micro
- Mako Networks
- Mercury Energy
- PB Tech
- Southern Cross Healthcare
- Telecom / Telecom Rentals
- World Exchange
- Young & Shand