Earlier this month, Trevor and Emma Laing, of Laing Insolvency Specialists, were appointed liquidators of Accelerando Ltd, which trades as HappyMoose, by shareholder resolution.
In their first report to creditors and shareholders, the liquidators said a decision was made in October last year to sell the HappyMoose business and use the proceeds to fund the international expansion of Keepers Photos Ltd, which developed a photo storage application and was wholly owned by Accelerando.
But agreement could not be reached about the sale process and the delay contributed to a reduction in the business’ cash reserves, the company’s director told the liquidators.
There were two registrations recorded on the Personal Property and Securities Register by trade suppliers. Unsecured trade creditors were estimated to be owed just over $6340 and unsecured investor creditors $447,936.
The liquidators were aware of 12 unsecured creditors, the majority of whom were suppliers and were only owed amounts relating to the current trading period.
A large proportion of the unsecured debt related to investment funds provided by angel investors and Callaghan Innovation; it appeared those funds were advanced on an unsecured basis.
The company has three part-time employees and wages had been paid up to date, although there would be an amount outstanding relating to leave entitlements.
Total assets were yet to be established and it was too early in the liquidation process to estimate if there would be a dividend available to creditors, the report said.
Accelerando, whose name changed in December last year from HappyMoose, was incorporated in 2014 and provided photo printing services via an online ordering website. Its majority shareholder is Xun (Alex) Dong — who was also the sole director of Keepers Photos Ltd — and there were three other shareholders.
The report said a proposed plan and documentation for the sale of the HappyMoose business were prepared by the company prior to the liquidation. The liquidators would assess the proposal as a potential process to sell the business and, in the interim, the liquidators would continue to have the business trade to maximise its value.
The shareholding in Keepers Photos Ltd would be independently valued with the intention of selling the shares. The liquidators would investigate the company records to determine what other assets were to be realised or any transactions that required further action. — APL
