Maclean Computing’s unsecured creditors unlikely to be paid

But staff to be paid in full by end of week says liquidator

Defeat hung in the air at the end of the creditors' meeting for the failed Maclean Computing Limited (MCL) yesterday. Damien Grant, liquidator at Waterstone Insolvency, told the room of around 20, mostly unsecured creditors that they were unlikely to recover any money from MCL.

MCL was put into liquidation last month and its assets bought by Maclean Technology Limited (MTL).

Suppliers, vendors, partners, some staff and other unsecured creditors are owed $953,000.

Grant said $419,000 owed to MCL staff will be paid in full by the end of the week, and already 80 percent has been paid out. There is an $18,000 cap on staff payments, anything owed beyond this Grant said will be considered unsecured. The amount owed to staff in this situation is $40,000.

Grant told the meeting that all but three unnamed Maclean staff members have been paid so far.

He said some staff appeared to have used the company’s customer database for business activities outside of Maclean Computing.

Grant would not give details, but said: “Those activities are causing the liquidation an economic loss.” He said he will seek further legal advice on the matter.

During the meeting there were two filed motions - one to create a creditors' committee to oversee further actions taken by Waterstone and another to replace the liquidator entirely.

The motion to create a creditors' committee was supported by the majority of creditors attending the meeting, but downvoted by Clair Arkell representing 28 Maclean staff by proxy. Arkell is listed as Maclean Technology's financial controller on its website.

The motion to replace the liquidator, put forward as an option by Grant himself, was not taken up. Asked by a creditor if Arkell would use her proxy in this vote also, Grant said yes.

Maclean staff have told Computerworld there were several occasions where management had sent them official statements before public announcements made by Grant, including the announcements of the liquidation and sale.

During the meeting Grant denied having knowledge of this, and the staff present confirmed the messages were not from him.

Grant also confirmed he will investigate whether MCL can claw back around $700,000 of payments made to unsecured creditors in the 24 months prior to MCL’s liquidation. Grant would not name the specific companies involved, but a source close to the matter has told Computerworld that Waterstone will attempt to retrieve $200,000 from Westcon Group.

After the meeting a supplier, who requested anonymity, told Computerworld that the liquation of MCL has put strain on his business.

"This entire situation stinks from high heaven. It reflects really poorly on the IT industry, and I can already see the flow of credit becoming much tighter, meaning less room to be innovative and hire more staff," says the supplier.

Computerworld asked a Maclean staff member, who also requested to anonymity, how they felt about the situation.

"I started this month thinking I wouldn't get paid anything, and now I find out I'll be getting most of what I'll be owed. I should be feeling different, but right now I'm just glad to be paid."

Are you a Maclean Computing creditor, or Maclean Technology staff? Send us an email with your side of the story. sim.ahmed@computerworld.co.nz


Timeline
MCL went into liquidation on Friday July 13, 2012. The following Wednesday the company officially announced its assets were sold to Maclean Technology Ltd, who’s directors are Chris Maclean, formerly CEO of MCL, and his business partner Matthew Bellingham.

Timeline (according to Waterstone and creditors) below:

Sunday July 15
- Staff attending the creditors meeting say they were informed of Maclean's liquidation in an email sent by Chris Maclean Sunday evening.

Monday July 16
- Computerworld reports on the liquidation of Maclean Computing Ltd.

Tuesday July 17
- Competitor CodeBlue says it is approaching Maclean customers in order to gain their business.
- Grant accepts offers for MCL assets. These include an offer from Maclean Technology Ltd which the bank accepts by phone (not official until written acceptance given). Grant would not name the bank, however in the liquidators report the ANZ National is the only bank listed.

Wednesday July 18
- Chris Maclean announces he and business partner Matthew Bellingham have formed Maclean Technology Ltd, and purchased MCL’s assets. MTL was registered on the companies office by Alan Maclean late last year.
- Grant says he has tabled Chris Maclean's offer to the bank who is ultimately responsible for deciding whether the purchase can go ahead.

Thursday July 19
- Grant says he has been talking with other potential buyers and passing on this information to the bank. The bank makes a written statement, which makes the sale of MCL to MTL official.