Media Options Group, trading as National Trade Print, has collapsed after more than ten years in business. In a move that has upset some creditors, the Bankstown-based printer sold assets into nearby printing business, Sydney Print Hub, before the company entered into administration. [Correction - the administrator has subsequently advised that these assets were sold into Sureprint, rather than Sydney Print Hub. …ed.]
- David Iannuzzi, principle, Veritas Advisory
Sureprint is another printing company located in the same avenue in Bankstown as National Trade Print. The appointed administrator, Veritas Advisory, has confirmed that this connection was mentioned at the first meeting of the creditors.
Print21 has been informed that the Australian Securities and Investments Commission (ASIC) have been in contact with Veritas Advisory, and had questions about the relationships between the entities involved.
David Iannuzzi, principle, Veritas Advisory, said, “There’s been speculation there is some sort of connection. I’m aware there is some sort of family connection.”
The administrator is seeking expressions of interest in Media Options Group Pty Limited as a going concern. The advertisement says the business has Ongoing orders from reputable customers. It also says the company has Highly specialised and experienced staff including software engineers. Expressions of interest close Tuesday 22 October.
According to Iannuzzi, there was a sale of equipment assets around early September, prior to the appointment of administrators, and that assets were purchased by Sureprint. He goes on to say that the sales were made above liquidation value, and nearly at market value.
Iannuzzi confirmed that National Trade Print has currently ceased trading, and that Veritas Advisory currently holds National Trade Print's licence agreements with Sureprint and Sydney Print Hub.
National Trade Print has been running at a loss for at least six months, due in part to a large number of debtors behind on payments, and with much of the company's equity tied up in real estate it fell behind with taxes. Unable to reach a payment plan with the tax office, it was at this time Veritas Advisory was contacted and installed as the administrators for the business, according to Iannuzzi.
Print21 was unable to contact Sydney Print Hub, and representatives from Sureprint declined to comment on the matter.