"We want to bring it back to its old glory. We have got big...

"We want to bring it back to its old glory. We have got big plans. Everybody feels very strongly about the company.

Within six months we will have a SOHO division, where you supply a plasma TV with an iPod, laptop, CCTV, that sort of package, mainly for office homes or home usage.''

Less than three years later Strathfield is again in the hands of insolvency specialists charged with formulating a reconstruction proposal. The difference is that Hakim is now the biggest creditor.

Wily said he expected a deed proposal would be put to creditors sometime in November. “By that time our report would’ve gone out with our recommendations,” he said.

Hovansessian conceded the DOCA proposal would attract plenty of scrutiny given the company’s chequered history.

“There will be scrutiny but I think also that Strathfield is an iconic name that’s been around for 30 years,” Hovanessian said.

“We think it deserves a shot to be kept alive.

“Despite the difficulties morale here is pretty high, the staff are very dedicated and very loyal,” he said.