New owners have snapped up Sydney-based printer Bullprint after the previous owner filed for voluntary liquidation last month with debts estimated at half a million dollars.
A meeting of creditors has been called for 3pm, 6 May at the offices of liquidators Jones Partners Insolvency at Kent St. in Sydney. The meeting will consider a resolution to appoint a committee of inspection and other agenda items are: to receive a report as to affairs; to consider a statement to the creditors from one of the directors; to fix or determine the remuneration of the liquidators; to consider the early destruction of books and records; and any other business.
Joint liquidator David Shannon told Print21 that 10-12 creditors were owed a total of about $500,000 – with most of it owed to The Australian Taxation Office and Fuji Xerox.
“We’ll be investigating the company’s affairs and looking for any other assets,” said Shannon. Creditors wishing to attend the meeting must submit proofs and proxies to the liquidator by 4pm on 5 May.
Former Bullprint owner and founder Stuart Russell sold the business last month to Goldstar Foods, prior to the appointment of liquidators. One of the three partners in the new business, Kaushik Ajmera, says he’s optimistic about the future.
“It’s an exciting time for us,” said Ajmera. “We’re definitely looking to expand more into the digital side of the business and we’ve just bought a brand new Fuji Xerox 800 colour press. We have a staff of six and the turnover right now is about $100,000 a month. The market has improved and we’re keeping an eye out for any other printing businesses that may meet our objectives. There’s plenty of room here on the shop floor to expand.”
Bullprint is located at Unit 5, 175 Briens Road, Northmead, in Sydney’s west.