Payless Shoes insolvency slugs Vocus-owned iPrimus for $50,000

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Payless Shoes insolvency slugs Vocus-owned iPrimus for $50,000

Vocus-owned telecommunications provider Primus Telecommunications, which trades as iPrimus, is owed $51,000 by failed retailer Payless Shoes, which is being liquidated with the loss of up to 730 jobs.

Phone and data provider iPrimus is not the only tech company facing a haircut from the insolvency – human resources software vendor HR3 is owed $29,000, solution provider Fusion5 Business Solutions is owed $7000 and EFTPOS supplier Quest Payment Systems is owed nearly $9000, according to a report to creditors. 

However, these debts are relatively minor amid a corporate delinquency set to cost unsecured creditors tens of millions of dollars. 

Administrators Ferrier Hodgson have announced a "disappointing outcome", with all 132 Payless Shoes stores in Australia to be closed after the company failed to find a successful bidder for the business as a whole. All stores will be closed or transferred by February 2017.

The largest debt is $42 million owed to PSS Holdings. The Australian retailer was acquired out of administration in 2013 by US-based Payless ShoeSource.

A report released by corporate regulator ASIC this week found that unsecured creditors failed to recoup any return in more than 90 percent of corporate administrations.

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