Insitec and Insitec Group Holdings - Voluntary Administration

Insitec and Insitec Group Holdings, a technology company that builds high performance IT systems for government, industry and defence, entered voluntary administration on 5 June.

Barry Kogan and Damien Pasfield of McGrathNicol were appointed as voluntary administrators, and have advised that projects will continue on a “business as usual” basis, with secured creditor Whiteoak providing funding to support employee wages, contractor payments and other trading costs during the administration process.

The administrators have confirmed that Whiteoak has also submitted a draft DOCA term sheet which would facilitate the recapitalisation of the business, continued employment of staff and a return to unsecured creditors, although the quantum of the return is unclear at this stage.

All other entities in the Insitec Group (Insitec US and The Network) are not part of the voluntary administration.