Chadwick company being liquidated with $3.2m debts

Sunshine Coast printer 128950489 Pty Ltd (formerly known as Express Print & Mail Pty Ltd) was put into liquidation with $3.18m in debts to unsecured creditors, according to the annual administration return.

The Express Print & Mail business was sold by owner Matthew Chadwick to his mother Wendy Chadwick for $177,000 last May, two months before 128950489 Pty Ltd was put into liquidation. The business was moved to new 1400sqm premises in nearby Kunda Park that were leased on 1 April last year, for five years, at $220,000 a year. Wendy Chadwick had previously owned Express Print & Mail until 2010.

At the time Wendy Chadwick said, “That the figure of $4.15m is grossly inflated and takes into account contingent debts (such as the lease) that have since been finalised; leased equipment which has been taken over and the instalments are being paid by the new business; and superannuation, which is being paid out over time by the new business.”

Back then Wendy Chadwick also said the unpaid wages are, "being paid out over time by the new business, with all superannuation payments since 1 January this year being kept up to date".

The liquidation stems in part from a deal of two years ago, when Express Print & Mail set up a company to buy the assets of the liquidated Chameleon Press. A downpayment was made, but since then claim and counter claims have been launched by both sides for hundreds of thousands of dollars, as the complicated deal went sour.

Express Print & Mail under its former owner had 52 staff, many of whom transferred to the new company, which was established by Matthew Chadwick in December 2019, and sold to Wendy Chadwick in May last year.
 
Matthew Chadwick tipped in a voluntary contribution of $30,000 to 128950489 Pty Ltd to cover the cost of the liquidator. The $3.18m is owed to seven creditors. Liquidation is expected to be completed next June.