Queensland-based commercial printer Chameleon is keeping busy a week after parent company Krico went into liquidation owing a reported $4 million, including more than $1 million to the ATO.
The high-profile commercial printer hasn't drawn breath although it’s understood 13 staff members have lost their jobs at the company’s Bundaberg and Hervey Bay sites and are still seeking entitlements and super payments.
Krico called in liquidators from Sydney firm de Vries Tayeh Group last week to wind up the business, according to an ASIC listing.
A creditors report compiled by de Vries Tayeh found that the list of Krico’s 24 unsecured creditors is headed by Chameleon CEO Chris Kreiger, who is owed $2.8 million. It includes the Australian Taxation Office ($1.07m) and the Queensland Office of State Revenue ($158,502), Avery Dennison ($33,804), APN Newspapers ($11.625) and the PIAA ($1,947).
Krico had been owned by Kevin Kreiger, the father of Chris - who says the liquidation of Krico was part of a company restructure that had been recommended by business advisers.
“We had an entity, Krico, that had not traded for 12 months and we’ve shut that down as a part of cleaning things up in the business," said Chris Kreiger. "Chameleon Group stopped trading in October last year but Chameleon Group Australia (CGA) is going well. It’s business as usual and we’re keeping busy.”
Kreiger confirmed that CGA is owned by his long-term partner, Emma Van Der Pluym. He dismissed industry scuttlebutt suggesting that the restructuring process resembled illegal phoenix activity.
"Mate, we haven’t phoenixed anything and everything we have done has been above board. I used to be a shareholder in the other one but she’s the sole owner of CGA. It was just easier to put it in her name and more beneficial to structure it this way. We have to make sure it stays afloat.
“It’s a basic business restructuring where we’re aiming to get stronger in digital. We’ve shut down our manufacturing facility in Bundaberg but we still have a warehouse there. We’ve consolidated our print business in Hervey Bay and are continuing our manufacturing in Maryborough. We haven’t changed our machinery or capability but some jobs have been lost along the way, about ten or so, but we’ll probably be rehiring again.”
Chameleon Group includes a number of print businesses including The Sticker Company, McTaggarts, Digital PowerHouse, SignTec, Henderson & Horton signs and Innovation Graphix.