At a creditors meeting in Sydney this morning, the administrators Ferrier Hodgson revealed that ex-employees wouldn't see all of the money owing to them and other creditors wouldn't see a cent.
-The employees are likely to get somewhere in the order of 80 cents in the dollar," Ferrier Hodgson's Graeme Campbell told ZDNet Australia later. -The unsecured creditors, which are the balance of the creditors, won't get a dividend."
The total amount owing to unsecured creditors is around AU$3.5 million, according to Campbell. Major creditors are Fujitsu, Internet Service Provider NTT, and Spike landlord Macquarie Goodman.
Spike has about AU$400,000 owing to it and a further AU$3 million in intercompany loans, which won't be repaid, according to Campbell.
Campbell said that that it would take about six months to complete the liquidation of the company, including an investigation, but employees would likely receive the money owing to them in 10-12 weeks.
