Vic printer in liquidation, $1m owed

Vic printer in liquidation, $1m owed
All Colour Media went into receivership on Wednesday, liquidation on Friday

All Colour Media, based in Clayton South, Victoria, is in liquidation, owing some $1m to creditors including staff and suppliers.

 

The company was placed into receivership on October 3, with Jirsch Sutherland appointed receivers and managers by Scottish Pacific, which the receivers say was owed in excess of $1m under its debtor finance facility.

 

Jirsch Sutherland says the debtor finance facility was first provided to All Colour Media in mid-2017 by Scottish Pacific, with the Victorian printer recently defaulting.

 

All Colour Media was then placed into liquidation on October 5, with Dye & Co appointed liquidators.

 

Australian Printer has been told by a former employee that staff found out once they had arrived to work, finding the doors locked and the business closed, and are owed pay and entitlements including super.

 

Liquidators Dye & Co have confirmed staff are on the list of creditors.

 

Adrian Warry, registered liquidator, Dye & Co, says, “At this stage, we are working through initial enquiries. Money is owed to suppliers and staff.

 

“It is very early days to be making comment in around why we are where we are.

 

“I have my requirements in terms of reporting to creditors, but that will depend on the receivership.

 

“I have not spoken to any staff members. When receivers were appointed, they may have spoken to staff.

 

“We have requested that the director completes a questionnaire. We were only appointed on Friday, so it is early days, and there are timelines for them to respond.”

 

Source: Australian Printer

Copyright © 2018 Haymarket Media. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions.