Staff reporter
Industry technology provider Pisces Group (Pisces) and subsidiary Newsnet Messaging Services (Newsnet) have been placed in liquidation with debts in excess of $2 million.
Creditors of Pisces and Newsnet were notified of the liquidation of the businesses by insolvency practitioners Dean-Willcocks Shepard.
Pisces first ran into trouble in the beginning of June 2009 when it was placed in voluntary administration.
According to a Smartcompany.com.au report, Pisces, which has an annual turnover of about $9 million, had debts of about $3.1 million. According to its accounts, it posted a $13.5 million loss in 2007-08 after a $934,000 profit the previous year.
A company spokesperson told The Adviser that certain assets of the Pisces Group were purchased by Santapau in August 2011, which has now been renamed to Infinitive Limited.
