Solution 6's receivership battle surprises users
Australian-based taxation software house Solution 6 is fighting a legal action to put it into receivership.
Solution 6 spent two days in a Sydney court last week contesting a motion by its financial backer, Integral Business Finance, that stemmed from the late payment of Aus$38,000 (#16,000) interest on Integral’s Aus$7m loan.
The company’s shares were suspended on the Australian stock exchange while the dispute was heard in the New South Wales supreme court.
After developing its PerTax package to meet the requirements of the Australian self-assessment regime, Solution 6 made significant inroads to the UK as the Inland Revenue shifted to self-assessment.
PerTax users include Coopers & Lybrand, BDO Stoy Hayward and several other Big Six and Group A firms.
News of the receivership battle took several users by surprise, but in the words of one customer: ‘We are not prepared to comment on rumours surrounding a supplier.’
According to Australian press reports, Solution 6 managing director Chris Tyler said during his evidence that the company would report half-yearly profits of Aus$10m to the Australian stock exchange later in the week.