OneCash crashes amid Brisbane ATM heist

More than 100 ATMs have gone walkabout from the warehouse of failed ATM deployer OneCash.

And thousands of investors in ATM installations await a rescue by a new owner - or risk the loss of down payments.

Brisbane based OneCash cratered earlier this month. Scott Langdon and Jarrod Villani of KordaMentha Restructuring were appointed as the administrators of DSM Connect Pty Ltd and OneCash Ltd on 4 June 2015.

The business has 382 ATMs processing 68,000 transactions a month and turning over A$170,000, KordaMentha said in an information memorandum on Monday.

Turnover was the solitary financial detail for an entity generating animated industry talk following a creditor's call yesterday.

In the order of 120 ATMs were removed from storage in early June, preceding the calling in of administrators, KordaMentha told creditors.

OneCash had contracts with 2500 investors, suggesting fulfilment with more than 2000 customers will be a headache in the winding up of the company.

ASIC records Stephen Anderson, Damian Dodds and Marie Tyler as directors of OneCash. Tyler and Anderson recur as directors of DSM Connect.

The companies' websites show they ran near-identical business models placing ATMs in businesses such as cafes, service stations, convenience stores and nightclubs, and either sharing the "convenience fees" earned with the store owners or paying them commissions.

Registered as a public company in November 2012, OneCash never made it to the point of producing audited financial statements, if ASICconnect is any guide.

KordaMentha are seeking offers to purchase 547 ATMs located across Australia, including 165 ATMs in storage at the head office of DSM Connect in Queensland.

"These are not owned by the companies, however, the administrators are working with the ATM owners and other stakeholders to transfer these to the purchaser unencumbered," KordaMentha's memo said.

There are 382 ATM lease locations.

One curio is a "proprietary switch technology" developed by the companies.

Of this asset KordaMentha observed, "Over recent years, the companies have developed a switch system, which is currently utilised over four of its ATMs."

The majority of ATMs utilise Indue as an external switch provider.