2 April 2008
Mystery still surrounds the collapse of distributor and reseller hybrid ITAC as the administrator continues its investigations, but all employees have been told their services are no longer required as the business closed its doors.
As revealed this month, ITAC was placed into administration with KPMG overseeing the situation but it continued to trade until last week.
But a spokeswoman at KPMG said it had been decided to shut up shop as joint administrator Paul Flint continued to examine ITAC’s affairs leading up to its demise.
"The business has ceased trading," she said. "The administrators are continuing to investigate the reasons for the collapse. The 19 members of staff that were employed by the business have been made redundant."
Early indications suggest that ITAC, based in Prestwich, near Manchester, left a string of trade creditors worth £1.5m and it is believed its primary financiers had removed the banking facility.
With the business no longer operating, it is unlikely to be sold in its entirety.
Several years ago ITAC was at the centre of a landmark civil case when it was sued by Microsoft after the software giant claimed damages for parallel importing from the Middle East.
