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-------------------------------------------------------------- This story was printed from ZDNet Australia. --------------------------------------------------------------
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ING IP firesale By Jeanne-Vida Douglas, ZDNet Australia August 23, 2002 URL: http://www.zdnet.com.au/news/business/soa/ING-IP-firesale/0,139023166,120267622,00.htm
ING administrator Brooke Bird is selling extensive customer lists and rights to the company's proprietary software, in an attempt to recuperate AU$900,000 in outstanding debts. Adverisements taken out in daily newspapers by administrator Peter Goodin have lead to a series of enquiries into the company's assets, although a sale had yet to take place, Goodin told ZDNet Australia. Goodin explained that the company's debt is spread across over 2000 creditors, many of whom had paid the company in advance for services. However, only four were in attendance at the first meeting of ING creditors held in Melbourne yesterday. -The ACCC were present because of ongoing investigations into the company's business practices," Goodin said. -The former directors were very guarded." Describing the marketing practices of the company as aggressive, Goodin said he believed the investigation initiated by the ACCC in April had contributed to the company's financial hardship. At this stage the administrators are focussing their investigation on a list of creditors provided by the former ING directors Mark Spektor and Sasha Sudakov. However, Goodin expects more to come forward as the case develops. -There may also be contingent claims from the ACCC," said Goodin. -As well as a potential claim from the real estate agent if the property is not able to be leased to a new tenant soon." A second meeting of creditors will be held in Melbourne in mid-September.
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