These are the facts.

The company went into liquidation. I spoke personally with the liquidator in Melbourne and they advised the major creditor was the Australian Taxation Office whom I believe were owed in the vicinity of circa $180k.

The business assets and other IP was sold to a related party (see Corporations Act 2001 Cth.) if you want to know more about what that means. Essentially Bill Saunders who was the director was also connected with the purchaser. The sale proceeds was for the most part made up of an assumption of certain liabilities but not the ATO debt. Very little if any cash changed hands.

I am not aware whether or not the business has been since on sold to the new owners or whether they are the same that purchased the assets from the liquidator.

I reason I know this is simple. We were interested parties in purchasing some or all the assets.

__________________
Regards


Paul Daily - Ratings2Win Pty Ltd (Director)
R2W Axis - Axis is Australia's leading horse racing software and database; with sophisticated form analysis tools and accurate performance ratings that include Hong Kong.
http://www.ratings2win.com.au/