06/09/2017 - 14:55

Perth contractor into liquidation

06/09/2017 - 14:55

Bookmark

Save articles for future reference.

Balcatta-based electrical, fire and security service provider Global Electrotech has gone into liquidation after creditors appointed DCS Advisory to the failed business, which owes about $1.2 million.

Perth contractor into liquidation
Global Electrotech co-founders Tony Martelli (left) and Damian Gardiner with business development manager Garry Hearn in 2013.

Balcatta-based electrical, fire and security service provider Global Electrotech has gone into liquidation after creditors appointed DCS Advisory to the failed business, which owes about $1.2 million.

Global Electrotech fell into the hands of WA Insolvency Solutions as administrators in 2013, but gained control several months afterwards with a deed of company arrangement, while the administrator managed the creditors’ trust.

By late 2015, the company had paid just more than $720,000 of the $1.8 million it had agreed to pay the trust. However, it negotiated a two-year extension to pay the remaining $1.1 million in stages, ending December 31 2017.

The first payment, being $100,000 due by the end of February this year, was paid on time.

But a $250,000 payment due by June 30 wasn’t made, despite repeated requests and meetings with the directors of the company and beneficiaries.

The amount outstanding has since accrued interest, with the total standing at $1.21 million as of August.

DCS Advisory was appointed as liquidators of the business at a meeting of beneficiaries on August 10.

Damian Gardiner and Tony Martelli formed Global Electrotech in 2000, and the business at one stage had 168 employees on the payroll.

It specialised in the design, installation, commissioning and maintenance of electrical, fire and security systems, and had about 1,000 clients on the books.

Comment has been sought from DCS Advisory.

 

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options