Creditors of liquidated reseller Entec are owed more than £600,000 after its merger with Evolution Systems left vendors and distributors out of pocket.
The reseller entered voluntary liquidation last month as part of a merger with VAR Evolution Systems.
Creditors include the Inland Revenue and Customs and Excise, vendors CyberGuard, Computer Associates and Sophos, and distributors Mindshare, Sphinx and Norwood Adam.
Nick Morse, managing director of Mindshare, said he will continue to work with Evolution.
"If we stopped working with them we would lose all the opportunities [Evolution] has developed for us on the ServGate product range," he said.
Another creditor, who wished to remain anonymous, said: "I don't think we have any hope of getting our money back. The assets of the business have been sold off already."
London-based accountancy firm Fisher Partners, which is handling the liquidation, was unavailable for comment.
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