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Cellnet served with $1.2m recovery claim

Cellnet served with $1.2m recovery claim

Flash memory and mobile phone accessory distributor Cellnet has disclosed it has been served with a summons by the liquidators of Leading Solutions, seeking recovery of $1.2 million.

The liquidators claim that the funds were given to Cellnet as an unfair preference in the six months leading up to Leading Solutions entering administration in October 2009.

In a statement, Cellnet said it denies any liability under the claim, and that it planned to “vigorously defend it.” It also has a debtors insurance policy.

Cellnet shares grew 2.8% in Tuesday's trading to $0.370.

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Tags cellnetASX:CLTLeading Solutionscourt actionvoluntary administration

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