Major tech firms collapse owing millions
A TECHNOLOGY company that secured $250,000 in State Government grants to pioneer efforts to recycle toxic waste was one of two to collapse with total debts in excess of $5.1 million.
Memtech Pty Ltd and Memtech Corporate Pty Ltd were put into administration on February 10.
Both companies, which owe $2.7 million and $2.5 million respectively, were guided under the directorship of Graeme Linklater.
Memtech is a technology development company with the ability to add value to chemical processes associated with purification, recycling, regeneration and metals recovery.
The company planned to use technologies to deliver zero waste or pollution.
Memtech Corporate was awarded a $250,000 grant in round four of the Queensland Government's Ignite Ideas fund to achieve commercial-scale purification of toxic waste for recycling.
Under the fund, Queensland start-ups and small-to-medium businesses can commercialise innovative products, processes and services to help them grow and create new jobs.
Memtech Corporate was waiting for the Government to pay the remaining $68,500 from the grant, according to a financial report on the company written by Mr Linklater.
The report also notes two of its employees are owed $16,864 in wages and superannuation.
According to the company's website, Mr Linklater has 25 years experience as a chief financial officer, "with strong analytical skills" and expertise to "help steer the Memtech group into its next phase of growth".
He could not be reached for comment. David Hambleton and James Imray of Rodgers Reidy were appointed administrators of the company.