[clug] OT: Anyone with contacts at 'Wizard' or knowledge of why they are in receivership?

[David Symons]

> > On 17/10/2007, at 16:18 , steve jenkin wrote:
> >
> >> The Canberra Times rang me asking if I knew more about why Wizard
> >> is in receivership...

I'm also one of the affected contractors.  It's a lesson/reminder of
the risks associated with contracting.  When something like this
occurs our claim to the assets of the company is tertiary - behind
employees and secured creditors.  I recall Chris Smart asking here
about how to set a contracting rate - the possibility of this
occurring is something else to factor in.

In this case we've been assured of 75% payment of our outstanding
invoices but it could have been 0%.  That would have been silly
though, every contractor would then leave which would decimate the
value of that part of the business (contracting), cutting any sale
proceeds and leaving less for the creditor behind the receivership to
collect.

Anyway, it was great to catch up with some familiar faces at Mondays'
meeting :-) .

Cheers, Dave.
-- 
David Symons
Canberra, Australia
http://www.liberatedcomputing.net