Liquidators Unveil Scale Of i-Track Failure – OilFiredUp

Following the demise of i-Track Networks Limited, the former supplier of heating oil tank contents gauges, a report from the company’s liquidators has unveiled the full extent of the company’s woes.

Originally established as Hopedale Securities Limited in 2009, i-Track Networks entered voluntary liquidation last month. i-Track was headquartered in London but operated from premises at the prestigious Northern Ireland Science Park in Belfast’s up-and-coming Titanic Quarter. The company specialised in the supply of heating oil and storage tank monitoring equipment, including its IT-1000 and IT-9000 remote monitoring systems. It is understood that other, complementary products were under development, but did not make it to market prior to the company’s demise.

A statement of affairs from the company, reveals assets of just £2,430 – comprising office furniture valued at £200, £580 cash in the bank and unsold stock of £1,650. Meantime, amounts owing to creditors totaled some £75,046.92. HM Revenue & Customs was the company’s largest creditor with £39,180 owing, whilst trade creditors were owed a further £35,866.92.