Gold Coast international phone company TravelSim in administration owing $2.2m
Gold Coast company TravelSim, which sold cheap SIM cards to international travellers, was preparing for its busiest time of the year before COVID-19 hit and sent it to the wall. Now it owes staff and Optus Mobile millions of dollars.
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THE COVID-19 lockdown of Australia’s borders has forced a Gold Coast international phone company into administration owing a staggering $2.2 million to workers and creditors.
TravelSim, which was put into administration on July 2, sold cheap SIM cards to international travellers before it was decimated by the COVID-19-forced border shutdown.
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Nine of the company’s workers are owed $216,423 while unsecured creditors are out-of-pocket $2.06 million.
Optus Mobile is the largest creditor, owed $1.3 million.
TravelSim director Jaimen Zimmerman’s five related companies owing $905,000 to TravelSim – but according to its financial report $0 is likely to be recovered.
Administrators are working to recapitalise and sell the Gold Coast company, which has provided a mobile service for international travellers since 2006.
The products are rechargeable services that work with existing handsets by providing a new Australian mobile number on a SIM card.
Mr Zimmermann had previously said Australia’s three-month international border closure had “decimated” the company, in what would traditionally be the busiest time of the year when Aussies flock to Europe for its summer.
TravelSim had recently diversified to offer a local mobile service through its FlexiSim product.
Worrells Solvency and Forensic Accountants Partner Jason Bettles was appointed voluntary administrator of TravelSim Australia Pty Ltd.
“Our goal, together with the director is to navigate through this incredibly difficult period to get the best possible result for the business, its customers and creditors,” Mr Bettles said.