High-profile security firm Thomas Paul Security Services has liabilities of $2.8 million, a report lodged with the Australian Securities and Investments Commission shows.
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The company, whose director is Matthew Radford, was placed under the administration of Travis Anderson from Deloitte Turnaround and Restructuring on March 4.
The company says it has assets of $270,000 and is owed $427,000.
Thomas Paul, which was established in 2000, provides a range of security services including alarm and security system installation, 24-hour alarm monitoring and incident response, cash transit services, security patrols and static guards and is based in Prospect Vale.
The report was lodged with ASIC on March 11 and the first meeting of creditors was held on March 17 in Launceston.
The report details liabilities owed to about 30 creditors including the Australian Taxation Office and the Department of State Growth totalling $2.8 million.
Other major creditors are Central Security Distribution, Jettech Networks, Platinum Electrical Tas, Rexel, Spypoint and Telstra.
Platinum Electrical Tas, trading as Platinum Security, is directed by Thomas Radford, 22, and is owed $14,963 according to the report.
Forty five employees are owed leave entitlements of $135, 695.
Secured creditors Commonwealth Bank of Australia, Central Security Distribution and Toyota Finance are owed a total of $102,000.
The company estimates it has assets of $289,888 including motor vehicles worth $100,000, a bank account of $154,000, plant and equipment worth $15,888 and a float of $20,000.
The company also claims it is owed $427,465 by about 20 firms.
When the company went into administration Mr Anderson said that a priority would be to seek urgent expressions of interest in relation to recapitalisation of the business or to sell the business.
Mr Anderson said several expressions of interest were being assessed.
"The purpose of the administration is to see if there is a viable enterprise and also the ability to preserve employment," Mr Anderson said.
He said the problems of the company were due to a period of historical losses and undercapitalisation, where the shareholder had insufficient equity.
Mr Anderson said a second meeting of creditors would be convened by March 29 and held before April 8.
At the meeting creditors will receive a report which would provide an update on the administrator's investigations and a recommendation on the best outcome for creditors.
Three possible outcomes would be available to creditors:
- If the business was found to be solvent it could be returned to the control of the director.
- A deed of company arrangement which may involve creditors receiving a number of cents in the dollar for the amounts due to them.
- The company may be placed in liquidation.
At the second meeting, creditors will vote on their preferred outcome.
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Nick Clark
I am the Supreme and Magistrates Court reporter for the Examiner for the past 18 months. My journalism career has clicked over 30 years and encompasses four different spells at Tasmanian newspapers.
I am the Supreme and Magistrates Court reporter for the Examiner for the past 18 months. My journalism career has clicked over 30 years and encompasses four different spells at Tasmanian newspapers.
