Top Information Technology (Top Tech) has gone into final liquidation. The death knell comes after a spectacular demise, with the first major signs of trouble only becoming known in January.
The document management company`s shares were suspended at 16c in late February at the request of the directors following the resignation of CEO Hans de Nysschen after just a month at the helm.
Top Tech then advised investors that there were significant cash flow problems and a possible overstatement of profits for the interim period to December 2000.
Shortly after De Nysschen`s resignation, the entire remaining board responsible for the running of the floundering company walked out en masse, and a new board was appointed.
Quaestor Capital was also appointed as an independent advisor to the company, but it remained a case of too little too late, and an application by a major shareholder for the liquidation of the company on 13 March was not contested.
Kobus Els of Marco Trustees and Ivor van Diggelen of Forum Trust have been appointed as joint provisional liquidators. They say shareholders will be advised in due course as to the timetable of the liquidation.
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