Centrex liquidator looking for interested buyers for stricken company

By Martin Vedris

SYDNEY: Specialist accounting firm Jirsch Sutherland was appointed voluntary liquidator of Centrex (Aust) Pty Ltd and its affiliate company Advanced (Aust) Pty Ltd, following a creditors meeting yesterday and the liquidator is now looking to sell the business.

Jirsch Sutherland has now appointed an independent valuation firm to undertake a stock take and value the companies’ assets. In addition, Jirsch Sutherland is currently chasing customer accounts which have fallen due, assessing creditor claims and investigating the circumstances which led to Centrex and Advanced going into voluntary liquidation.

“We will be looking to realise the companies’ assets and sell the business as a going concern if possible,” said Sule Arnautovic, Jirsch Sutherland partner and the appointed liquidator.

“If we sell the business as a going concern, the purchaser could (if they so wish but not guaranteed) assume responsibility of some warranty claims. However, if we are unable to sell the business there will obviously be more creditors with claims against the company, as the company cannot currently meet those warranty claims.”

Formed in February 2002, Centrex was a distributor of audiovisual, laundry and kitchen appliances. The products sold by Centrex included televisions, DVDs, digital set top boxes, washing machines, air conditioners, microwave ovens and a range of smaller appliances. The company had representatives in Victoria, South Australia, Western Australia, NSW and Queensland. Customers of the company included The Good Guys, Betta Electrical, Chandlers, Allens Homemakers, Seconds World and Harris Scarfe.

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