EXCLUSIVE: Andrew Goldfinch the founder of Australian consumer electronics distributor Leisuretech has been accused of deliberately placing his Company into voluntary administration with debts of over $1.6 million dollars after he lost a patent court case in the UK.
A UK Company who won the Court case against Leisuretech are now asking the administrators whether Goldfinch and his fellow directors acted illegally and whether their actions are fraudulent.
The directors of Leisuretech who distribute such products as Russound, Channel View, Tru Audio and Sound Caste in Australia are accused of deliberately approaching vendors around the world to transfer distribution agreements that they had with Leisuretech to a new Company AC & EM G Pty Limited that was registered in Australia on 28 November 2008 shortly after a UK High Court ruling which revoked the UK ABus patent.
In October 2008 Armour a UK Company was awarded a material sum in regard to costs by the High Court following the loss of the UK court case
Goldfinch who claims that he invented the ABus sound system has found himself in hot water on several occasions.
In a statement issued to ChannelNews Armour Group claim that shortly after Leisuretech lost their claim to the ABus patent in the UK they were notified that the directors of LTE, Mr Andrew Goldfinch and Mr Jonathan Ritchie, put LTE into voluntary administration on 2 March 2009.
The appointment of the administrator on 2 March 2009 came after the assets, business and goodwill of LTE had been sold on 6 February 2009 to AC & EM G Pty Limited. AC & EM G Pty Limited is a new company that was registered in Australia on 28 November 2008, very shortly after the High Court ruling revoking the UK ABus patent. Armour was awarded a material sum in regard to costs by the High Court following the judgment.
The new directors of AC & EM G Pty Limited are Mr Andrew Goldfinch, Mr Jonathan Ritchie and Mrs Elisabeth Goldfinch, the very same directors of Leisuretech.
Armour claim that the actions of Leisuretech in bankrupting the Company were deliberate and the sale of LTE’s assets, business and goodwill to AC & EM G Pty Limited left behind in LTE were significant debts and liabilities, in excess US$1 million, much of which related to LTE’s failed litigation in the UK. These liabilities include a large sum owed to Armour in respect of its costs that were awarded by the High Court.
Armour said “we will ask the administrators of LTE to consider the legality of the actions taken by LTE, Mr Goldfinch and his fellow directors with regard to the sale of LTE’s assets, business and goodwill to AC & EM G Pty Limited”.
” If they are found to be fraudulent or illegal, the sale of the assets of LTE could be subject to reversal by Court order. Armour intends to seek recovery of sums due and it has instructed law firms in both the UK and Australia to act accordingly”.
Investigations by ChannelNews reveal that the name Leisuretech is still being used following it’s transfer as an asset to the new Company.
More to follow on this story.