Sunday, October 23, 2005

5 years later...another closure

Last Friday I received a letter from Ernest & Young and I couldn't figure out why E & Y would be mailing me after all I don't have regular dealings with them. It turned out to be a letter informing me (as a creditor) that the bankruptcy proceedings of my former employers have wrapped up and that their fees (almost $80,000) as trustees/receivers exceeded the 7.5% of the amount left after the realization (sale) of all assets.

In one of my previous life, I was the Director of Application Development for this dot com organization (a New Media company) which has since went under over 5 years ago (Apr 2000). Obviously the employees (including me) were caught but we were lucky enough to get all our pay except for pay increases (which were retroactive) promised.

I had filed claim papers on behalf of everyone to the Employment Office which has since been downsized by the current Liberal administration and had thought that everything would have been wrapped up long before then. There were no way that the employees will be able to get all the monies owed to them even though the current Corporation Act do hold board members personally liable for employees wages.

Anyhow, it seems that another chapter in my life is closing and it was with a sense of regret that we didn't quite make it (i.e. survive the tech bubble burst) but it was fun while it lasted. I'm just surprised that it took this long to wrap up everything but then I'd heard a few rumours of complications including the disappearance of assets just before the company file for bankruptcy so maybe that's why it took this long. When they auctioned off the majority of the assets (office furniture, computers, etc), an acquitance actually ended buying the laptop that I used as he phoned me to help him get access to the machine (the trustees didn't bothered with wiping the drive) along with all the programs, data, and documents.

C'est la vie!

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