Dataflow creditors were told they are going to have to wait another 14 days before they get any real information regarding the fate of the now defunct education software distributor.
An initial meeting of creditors held at the offices of the appointed Administrator, Star Dean-Willcocks, was told an investigation into the business practices leading to the demise of Dataflow was currently underway and would be concluded in two weeks, before a second meeting to be held shortly after.
It has been revealed that Dataflow owes creditors in excess of $35 million, with secured creditors ANZ and Dataflow employees owed $7.67 million and $588,000 respectively.
The remaining unsecured creditors have an anxious wait for any surplus -- after the secured creditors are paid in full -- to be divided amongst themselves. Unsecured creditors are reportedly owed $27 million, with $16 million of that owed to related company Dataflow Holdings. In essence, this represents $11 million owed to outside, third-party suppliers.
Creditors were also assured the investigation will look into the highly publicised botched ERP implementation, which is believed to be partly responsible for the disintegration of Dataflow.
A creditors committee was elected at the meeting to liaise with Receivers and Administrator with Colin West, director of Swift Solutions and Peter Ellis, of Peter J. Ellis and Associates, nominated by themselves, while Tobias was nominated from the floor.