The Silverbrook name vanishes from the annals of the industry as famed Australian inventor makes a last-ditch switch when research company collapses. Silverbrook Research, birthplace of the revolutionary Memjet technology, made a name-change to the innocuous Worldwide Specialty Property Services on the same day that administrators were appointed to finally lay the troubled business to rest.
Kia Silverbrook (pictured), his partner Janette Lee and their associated companies have been in and out of the courts for the past year over claims of $millions owing in unpaid salary and redundancy entitlements. Technology and research companies Precision Mechatronics and Geneasys, run by Lee, have both been moved into court-order liquidation. Cases against Silverbrook companies Priority Matters and Superlattice Solar are also due in court next month, over further allegations of unpaid salary.
With so much blood in the water it was only a matter of time, and on April 16 the company formerly known as Silverbrook Research finally hit the wall as Parker Insolvency was appointed liquidator. On the same day, April 16, ASIC records show the company ditched the Silverbrook name for the curious Worldwide Specialty Property Services Pty Ltd.
Gregory Parker, of Parker Insolvency, told Print21 that they were currently working through the matter. He declined to comment on the relationship between the collapse of Precision Mechatronics and Geneasys and the liquidation of Silverbrook Research, except to say he was aware that Silverbrook Research was one of the main entities in the group.
Kia Silverbrook and Janette Lee were unavailable for comment at the time of publication.
Precision Mechatronics was recently wound up with $1.9 million owing in statutory demands from 46 listed creditors. Also wound up by court order, Geneasys had two listed creditors, with $91,129 in statutory demands. The wind-ups were sought in order for workers to claim government assistance from the Fair Entitlements Guarantee (FEG) scheme. After months of legal stoush, though, desperate employees are still no closer to seeing their money.
Despite the court win, an ex-Precision employee owed nearly $90,000 tells Print21 that he wonders if he will see anything at all before the one-year anniversary of his retrenchment rolls around. In the wake of the long drawn out battle, he admits that the recent turn of events is a “very sad end to an enterprise that held much promise but over-reached.”
Precision Mechatronics liquidators, BRI Ferrier, say they are closing in on the documentation regarding entitlements, which is likely to be submitted to FEG within the next few weeks.
Documents recently filed by the Fair Work Ombudsman also allege that solar research company Superlattice Solar underpaid one employee $55,969, while patent processing business Priority Matters underpaid 15 employees by $452,997. It also alleged a further $362,973 owing to five Geneasys employees.