COMPUTER support company Enterprise IT (Aust) Pty Ltd, operators of DragNet Internet Services, has been placed in administration after a financial crisis and a boardroom row.
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Chief executive Jarrod Case said last night the Albury-based group had a strong client base and he was confident the businesses it operated had a future.
Staff continue to operate from 520 Swift Street and an office in Cairns and clients have been assured they’ll continue to receive normal servicing.
Creditors will meet for the first time next Friday, firstly to confirm BRI Ferrier as administrators.
Three of the five directors, including non-executive chairman of parent company Enterprise IT Global Ltd, Robert Chautard Jensen, resigned this month, apparently over disagreements with Mr Case.
On Monday, Mr Case and fellow director Benjamin Rodgers placed both parent and subsidiary companies in voluntary administration with BRI Ferrier’s Sydney partners Andrew Cummins and Brian Silvia.
The extent of liabilities has not been revealed but should become clear by a second creditors’ meeting expected in November.
Mr Case said it wasn’t appropriate for him to discuss dollars last night.
Documents lodged with the Australian Securities and Investments Commission show Chris Abbott’s DragNet Internet Services and a Cairns company, MDS Enterprises, are owed substantial amounts.
They each have a charge over Enterprise IT related to its purchases of their businesses in April and 2010 respectively.
Mr Case said the administration move was intended to assist the directors to restructure assets and liabilities.
“It is hopeful that a proposal can be made to creditors to support the continuation of the businesses,’’ Mr Case said.
Voluntary administration does not necessarily mean the end of a business.
In such cases, creditors determine whether an administration continues, the business is handed back to directors or some other course is chosen, such as a sale as a going concern or winding it up.
Mr Chautard Jensen said from Queensland last night he was no longer a director but hoped the administration would lead to a successful outcome for all concerned.
The other former directors were Trevor Broadbent and Bradley Sewell.
