His robotics firm just crashed with $1.83m in debts but David Baird is back selling unmanned vehicles

Just three months after his robotics firm collapsed, this Sunshine Coast entrepreneur is back flogging much the same equipment under the guise of a different company.

Just three months after his robotics firm collapsed, David Baird is back flogging much the same equipment under the guise of a different company.

ROBOTICS REBOUND

The Sunshine Coast-based entrepreneur kept busy this week spruiking one of his six-wheeled unmanned ground vehicles at the Land Forces military expo in Brisbane, which wrapped up Thursday after three days punctuated by anti-war protests.

Visitors at his Baird Technology exhibit in the convention centre were able to check out a rather fearsome-looking "amphibious assault support platform''.

They also learned from a sign tacked to the wall that the business had received unspecified federal government financial support to attend the event.

David Baird

But, not surprisingly, there was no mention of the fact that Baird's solely-controlled Praesidium Global Pty Ltd fell over in late February with $1.83 million in debts.

Liquidator Gavin Morton later found that the company, which launched five years ago to build unmanned vehicles for the ADF and overseas buyers, had less than $20 in the bank when it crashed and it had never turned a profit.

Indeed, he determined that Praesidium had incurred continual annual net losses since 2017 totalling $845,000 and he alleged it had probably traded while insolvent since mid-2018. No follow up action eventuated.

Baird blamed Covid-related pressures for the firm's demise but, at the same time, he set up Baird Technology in April last year with his wife, Sharon, as sole director. It now focuses on "security and medical solutions,'' according to the website.

In a report to creditors last week, Morton said any return to Praesidium creditors would depend on several factors, including his ability to claw back $87,480 from an "unreasonable director-related transaction''.

That stems from two payments totalling nearly $80,000 that Praesidium forked out as "consultancy fees'' to Baird Technology in May and June last year.

Baird Technology display at the Land Defence Expo in Brisbane

Morton also identified the firms' intellectual property as another possible source for a return to creditors but the issue remains in dispute.

Baird claims he owns the IP except for the drawings and prototypes he built for the ADF.

Morton, who described Baird's explanation as "insufficient,'' hired a valuer to examine the matter but the results were "inconclusive".

"Creditors have raised concerns that the IP assets of the company may have been utilized by a related entity, Baird Technology,'' Morton wrote in his report.

"It would be necessary for the engagement of the IP specialist to conduct an in-depth review to determine what rights the company may have over the IP and detailed legal advice in respect to the same. However, the liquidation has limited funds at this stage.''

Baird, a former armed forces operative and electronics engineer from the UK, was defiant when City Beat rang for a chat, claiming that Praesidium's actual losses were about $323,000 and not a "farcical'' $1.83 million.

While he would not comment on Morton's allegation that the company probably traded while insolvent, Baird denied that his new entity was improperly using the IP or that it operated in a "phoenix'' capacity.

As for the expo, Baird told us that his latest vehicle had sparked quite a bit of interest.

"We're getting good feedback. They like our equipment,'' he said.

Originally published as Entrepreneur back just months after his robotics firm collapsed