Teldaco folds owing suppliers $1 million

An electrical contractor in Brisbane’s inner north has folded owing suppliers $1 million. The liquidator says the closed business is also owed money by people who are refusing to pay up.

Teldaco has closed owing suppliers $1M. Picture: File

AN ELECTRICAL, telecommunications, and security contractor established 22 years ago has folded owing suppliers about $1 million.

Liquidator Gavin Morton said Teldaco ceased trading a couple of weeks ago.

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“It’s not COVID-19 related at all,” he said.
The Bowen Hills based company was founded in 1997 and specialised in government, industrial and commercial accounts.

Mr Morton said the unsecured creditors, mostly electrical suppliers, were owed about $1 million, while all employees had been fully paid, as had the business’ secured lender.

“The assets have been sold and the premises cleared out and handed back to the landlord and the rent has been paid in full,” he added.

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“The liquidator’s job now is to get the money from accounts receivable, and that will determine what the return to the million dollars to unsecured creditors is,” he said.

“A lot of people who owe the company are saying they’re not paying (for work already complete), it’s the usual story.

“I don’t know what the return will be to the unsecured creditors but it’s not looking good because it’s difficult to enforce on who owes the company money and it’s expensive to sue.”