Intagr8 Ltd, which was placed in liquidation this month after failing to pay creditors, ran an “unsustainable business model” with upfront sales revenue too meager to cover the cost of inducements for new customers to its bundled telephone and equipment deals, the liquidator says.
The collapse before Christmas left thousands of small and medium-sized businesses without telecommunications and internet services.
Steven Khov and Damien Grant of Waterstone Insolvency were unable to estimate the total assets of the company or its liabilities in their first report as liquidators. A creditors meeting has been called tentatively for Jan. 16 where the liquidators expect to give an update.
The liquidators didn’t immediately return calls. G…
Read the full article at: http://www.nbr.co.nz/article/intagr8-had-unsustainable-business-model-couldnt-pay-debts-liquidator-says-b-183395
