Sydney, NSW Australia — A meeting of the creditors of LeisureTech Electronics, the OEM provider of the A-BUS multi-room audio technology, voted unanimously in favor of a “deed of company arrangement” to finalize all matters between the company and its creditors.
Administrators recommended the deed of arrangement after an independent valuation of the business and investigation of the activities and trading of the business in the lead up to the sale of its business on February 6, 2009.
Among the creditors who approved the deed were the Australian Taxation Office, the UK-based Armour Group, and LeisureTech’s former legal advisors Allen & Overy LLP, who were all represented at the meeting and accepted the offer placed by the company and its directors to resolve all outstanding issues with creditors. The agreement ends any avenue for litigation related to the sale of the LeisureTech or against the directors of the company.
A press release issued by LeasureTech’s directors, stated, “The directors are appreciative of the loyalty and support shown by its trading partners and suppliers during this difficult period and look forward to being able to devote all of their energies to the sales of distributor product and the continued development of quality audio solutions.”
Originally founded in 1977, LeisureTech Electronics’ is a global OEM technology provider and manufacturer for the residential systems market. LTE founder Andrew Goldfinch teamed up with Len Andrews in 1989 and in 1997 the duo invented A-BUS, a technology for multi-room audio.
A-BUS, launched worldwide in 2000, was licensed to CE manufacturers, becoming a standard for affordable multi-room audio applications. In 2005, LeisureTech opened its own design and manufacturing facility in Thailand to support its growth while providing expanded resources for its customers. In 2009 LeisureTech expanded its 15-year-old Australian IR product line as part of the Forté family with new components and new standard features