EXHIBIT 10.32

                                AMENDMENT NO. 11

                                       TO

                           LOAN AND SECURITY AGREEMENT

     Amendment  No. 11 dated as of November 12, 2002  ("Amendment")  to Loan and
Security Agreement originally dated as of December 28, 1999 and originally among
IEC ELECTRONICS  CORP. ("IEC" or "Debtor") and IEC  ELECTRONICS-EDINBURG,  TEXAS
INC.  ("IEC-Edinburg")  and HSBC BANK USA, as Agent  ("Agent") and HSBC BANK USA
("HSBC Bank") and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital") as lenders
(collectively, the "Lenders").

                                   BACKGROUND

     1. Debtor,  Agent and Lenders  entered  into a Loan and Security  Agreement
dated as of December  28, 1999 ("LSA") and  Amendment  Nos. 1 through 10 thereto
dated as of March 30, 2000, December 1, 2000, April 24, 2001, December 21, 2001,
February 15, 2002,  February 28, 2002,  March 15, 2002,  April 8, 2002, June 20,
2002 and October 1, 2002, respectively, ("Amendments"), and certain modification
letters to Amendment 9 dated August 9, 2002, August 23, 2002, September 17, 2002
and September 24, 2002 ("Modifications"), (collectively, the LSA, the Amendments
and the Modifications  are referred to herein as the  "Agreement").  On or about
January 27,  2000,  IEC-Edinburg  merged into IEC leaving IEC as the sole Debtor
under the Agreement.  All capitalized  terms not otherwise  defined herein shall
have the meanings set forth in the Agreement.

     2. Debtor has requested that Agent and Lenders consider revising certain
terms of the Agreement to provide the Debtor with increased Borrowing Capacity;
     has represented to the Lenders that the Debtor is actively pursuing with
third-party lenders a refinancing of all of the indebtedness of Debtor to Agent
and the Lenders under the Agreement ("Indebtedness"); and has delivered to Agent
and the Lenders a Term Sheet from Keltic Financial Partners LP ("Keltic") which
was accepted by Debtor after approval by Debtor's Board of Directors and was
acceptable to Agent and the Lenders.

     3. In  response  to  Debtor's  request  and subject to all of the terms and
conditions  set forth  herein,  the Agent and the  Lenders  are  willing to make
certain  amendments  to the Agreement as set forth below on the  conditions  set
forth below.

     NOW,  THEREFORE,  Debtor,  the Agent and the Lenders for good and  valuable
consideration,  receipt of which is hereby acknowledged, and in contemplation of
the foregoing, hereby agree as follows:

     A. Conditions. The amendments and waivers contained herein shall be granted
upon satisfaction of the following terms and conditions:

     1. Debtor shall have executed, and shall have caused IEC Electronics, S. de
R.L.  de C.V.  ("IEC-Mexico")  and IEC  Electronics  Foreign  Sales  Corporation
("IEC-FSC") to have executed,  this Amendment to indicate their consent  hereto,
and  four  executed  duplicate  originals  of this  Agreement  shall  have  been
delivered to Agent.

     2. Debtor's continuing  agreement,  evidenced by Debtor's signature on this
Amendment,  that Debtor will:  (i) continue to cooperate with Getzler & Company,
Inc. ("Getzler") so that Getzler may review Debtor's business and business plans
in order to report  thereon to Agent's  counsel  and the  Lenders;  (ii)  permit
Getzler to access Debtor's places of business and its books and records in order
to complete  such review and report;  (iii)  reimburse the Agent or its counsel,
upon demand,  for the cost and expenses of Getzler;  and (iv) promptly advise in
writing, any professionals  engaged by Debtor or its Affiliates to advise Debtor
or its  Affiliates  with  respect  to their  business  or  financial  prospects,
including,   without   limitation,   Lincoln  Partners  LLC  (individually,   an
"Investment Banker" and collectively, the "Investment Bankers"), that Debtor (a)
consents to Agent and the Lenders  communicating with such Investment Bankers on
a weekly basis for the purpose of being advised by, and  discussing  with,  such
Investment Bankers, the Investment Bankers' timeline,  process,  recommendations
and  proposals  for any asset or stock  sales,  or the  refinancing  of Debtor's
indebtedness,  or for the  recapitalization  of Debtor or any Affiliate,  or any
other plans for increasing Debtor's equity,  reducing the indebtedness of Debtor
and its Affiliates,  or otherwise  improving the financial condition or business
of Debtor  and its  Affiliates,  and (b)  agrees  that such  Investment  Bankers
provide such information to the Agent and the Lenders, and also provide to Agent
and the  Lenders  a copy of any  contact,  or  other  reports  prepared  by such
Investment  Bankers for Debtor when such reports are  delivered  to Debtor,  and
deliver to Agent and the Lenders duplicate copies of any proposal letters,  term
sheets or written communications  received from any prospective purchaser of any
of IEC's assets when any such  documents are delivered to Debtor by or on behalf
of such Investment Bankers.

                                     Page 1

                                 Page 92 of 104
<PAGE>
     3. Debtor's agreement evidenced by Debtor's signature on this Amendment, to
pay to Agent, for the account of the Lenders,  an additional  $25,000  amendment
fee, with such fee being earned upon execution of this Agreement by all parties,
and payable on December 31, 2002 or such earlier date as the Lenders are paid in
full,  at which time the Base Fee earned in  connection  with  Amendment  No. 10
shall also be payable.  The  Additional Fee provided for in Amendment No. 10 has
been waived by the Agent and the Lenders.

     B. Amendments.  Debtor,  the Agent and the Lenders agree that upon Debtor's
satisfaction  of, or agreement to, as  appropriate,  the conditions set forth in
Section A above,  the  Agreement  and the Schedule are amended in the  following
respects:

        1. Item 1 of the Schedule to the Agreement regarding Borrowing Capacity
is hereby deleted in its entirety as of the date hereof and replaced by the
following:

           "1. Borrowing Capacity (1.1(e))

               Borrowing Capacity at any time shall be the net amount determined
           by taking the lesser of the following amounts:

           (A) The applicable Maximum Limit of $2,000,000 which amount may be:
           (i)increased to $2,300,000 on November 15, 2002 provided:(a) Debtor
           obtains and delivers to Agent and the Lenders satisfactory written
           evidence from Keltic Financial Partners LP ("Keltic") confirming that
           Keltic has completed its due diligence review of the assets and
           records of the Debtor, is satisfied with the results thereof, and is
           continuing to proceed with its credit underwriting toward a loan
           commitment for a $4,700,000 senior secured facility to refinance all
           of the Revolving Loan and part of the Term Loans ("Keltic
           Refinancing"), and (b) Debtor obtains and delivers to Agent and the
           Lenders from other third-party lenders a satisfactory confirmation
           that such lenders are proceeding to document a loan to Debtor to
           refinance the balance of the Term Loans not being refinanced in the
           Keltic Refinancing ("Third-Party Confirmation"); and (ii) decreased
           to (a) $1,750,000 on November 22, 2002 if on or before November 22,
           2002, the Company has not obtained and delivered to Agent and the
           Lenders: (x) a commitment letter from Keltic for the Keltic
           Refinancing providing for a Closing not later than December 31, 2002
           with such commitment to be satisfactory to Debtor and its Board of
           Directors and to Agent and the Lenders, and to have been accepted by
           Debtor, and (y) an updated Third-Party Confirmation; and (b)
           decreased to $2,000,000 as of December 2, 2002 if not sooner
           decreased below such amount as a result of (b)(ii) above or
           otherwise; and (c) decreased to $1,750,000 as of December 9, 2002 in
           any event.

                                       or

          (B) The amount equal to the sum of the IEC  Borrowing Capacity (as
          defined below)

         and subtracting from the lesser of (A) and (B) above, the sum of (a)
         banker's acceptances, plus (b) letters of guaranty, plus (c) Letters of
         Credit.

              'IEC Borrowing Capacity' at any time shall be the amount equal to
         the sum of up to 85% of the IEC Receivables Borrowing Base.

              Nothing herein shall detract from the discretionary nature of any
        Advances requested, or made, under this Agreement."

                                     Page 2

                                 Page 93 of 104
<PAGE>

     2. Item 18(g) of the Schedule to the Agreement  regarding  Pricing Grids is
hereby deleted in its entirety and replaced with the following new text:

        "(g) Pricing Grid - Advances and Term Loan. The applicable rates of
        interest to be charged during each time period listed below for each
        Prime Rate Loan and Libor Loan made or outstanding hereunder as an
        Advance or under the Term Notes are listed below:

                                  PRICING GRIDS

     A. ADVANCES

        Period                  Prime Rate Option       Libor Rate Option

        11/7/02 - 12/31/02      Prime Rate plus 6.0%    None

     B. TERM LOAN

        Period                  Prime Rate Option       Libor Rate Option

        11/7/02 - 12/31/02      Prime Rate plus 6.0%    None."

     3. The existing  Section 10.19 of the Agreement  regarding Sale of Debtor's
Business or Stock is hereby deleted in its entirety.

     4. The existing  Section  10.21 of the  Agreement  regarding  Sale of Texas
Property is hereby deleted and replaced with the following new text:

        "10.21. SALE OF TEXAS PROPERTY. Debtor shall not fail to diligently
     pursue the sale of Debtor's property in Edinburgh, Texas and cause Michael
     J. Fox International to conduct a commercially reasonable auction of such
     property by December 17, 2002, pursuant to the accepted auction agreement
     heretofore delivered by Debtor to Agent and the Lenders."

     5.  The  Term  Loan  Reserve  and the  Principal  Payment  Reserve  will be
cancelled upon execution of this Amendment by all parties hereto.

                    D. Reaffirmations and Release.

     1. The Agreement,  except as specifically  modified hereby, shall remain in
full force and effect and Debtor hereby reaffirms the Agreement,  as modified by
this Amendment, and all collateral and other documents executed and delivered to
Agent and the Lenders in connection with the Agreement.

     2. Debtor  reaffirms  that Debtor intends to refinance the Advances and the
Term Loans under the Agreement with one or more  different  lenders on or before
the expiration of the Initial Term of the Agreement,  and agrees that, upon such
payment of the Advances under the Agreement,  the Term Notes of the Debtor dated
December  28, 1999 in favor of the  Lenders  become due and payable by the terms
thereof since such financing would not come from  internally  generated funds in
the ordinary course of business.

     3. IEC-Mexico and IEC-FSC,  by their execution  hereof,  consent hereto and
hereby reaffirm the execution and delivery of their respective  Guaranties dated
December 28, 1999 and each agrees that its respective guaranty shall continue in
full force and effect and shall be applicable to all  indebtedness,  obligations
and  liabilities  of  Debtor  to  Agent  and  the  Lenders,   including  without
limitation,  all  indebtedness  evidenced by or arising under the Agreement,  as
modified by this Amendment.

                                     Page 3

                                 Page 94 of 104
<PAGE>

     4. By their execution hereof, each of Debtor, IEC-Mexico and IEC-FSC, (each
individually a "Releasor",  and  collectively,  the  "Releasors"),  for good and
valuable  consideration,  and  by  these  presents  does  for  itself,  and  its
representatives,  successors and assigns,  remise, release and forever discharge
the  Agent  and the  Lenders  in any and  every  capacity,  their  predecessors,
successors,  assigns, directors, officers,  shareholders,  employees, attorneys,
advisors and agents  (collectively,  the  "Releasees")  of and from all, and all
manner of action and actions,  cause and causes of action,  suits,  debts, dues,
sums of money,  accounts,  reckonings,  bonds,  bills,  specialties,  covenants,
contracts, controversies,  agreements, promises, variances, trespasses, damages,
judgments,  extents,  executions,  claims and demands  whatsoever,  in law or in
equity,  which against such  Releasees or any one or more of them,  any Releasor
ever  had,   now  has  or  which  any   Releasor   or  any  of  any   Releasor's
representatives, successors or assigns hereafter can, shall or may claim to have
for or by reason of any  cause,  matter or thing  whatsoever,  arising  from the
beginning of time to and through and including the date hereof.

     E. Other Provisions.

        1. Debtor agrees to pay on demand by Agent all expenses of Agent and
Lenders including without limitation, fees and disbursements of counsel for
Agent and the Lenders, in connection with the transactions contemplated by this
Amendment, the negotiations for and preparation of this Amendment and any other
documents related hereto, and the enforcement of the rights of Agent and the
Lenders under the Agreement as amended by this Amendment.

        2. This Amendment shall be governed by and construed under the internal
laws of the State of New York, as the same may from time to time be in effect,
without regard to principles of conflicts of law.

     Agreed to as of the date first set forth above.


IEC ELECTRONICS CORP.                           HSBC BANK USA, as Agent
as Debtor

By: /s/ W. Barry Gilbert               By: /s/ Vincent J. Harper
------------------------               -------------------------
        W. Barry Gilbert                       Vincent J. Harper
        Chief Executive Officer                First Vice President

GENERAL ELECTRIC CAPITAL                        HSBC BANK USA, as a Lender
CORPORATION, as a Lender

By: /s/ Donald J. Cavanagh              By: /s/ Vincent J. Harper
--------------------------              -------------------------
        Donald J. Cavanagh                      Vincent J. Harper
        Duly Authorized Signatory               First Vice President


CONSENTED TO AND AGREED AS OF THIS 12th DAY OF NOVEMBER, 2002.

IEC ELECTRONICOS, S. de R.L. de C.V.    IEC ELECTRONICS FOREIGN SALES
as Guarantor                            CORPORATION, as Guarantor

By: /s/ W. Barry Gilbert                By: /s/ W. Barry Gilbert
------------------------                ------------------------
        W. Barry Gilbert                        W. Barry Gilbert
        Chief Executive Officer                 Chief Executive Officer

                                     Page 4

                                 Page 95 of 104