No future for “failed” Chippendale

Chippendale Printing will be wound up following second creditors’ meeting last month.

The troubled company, which closed down in April this year, has been placed in liquidation. Creditors appointed Matt Adams, Peter Allen and Quentin Olde of Taylor Woodings (the voluntary administrators) to handle the liquidation.

According to Matt Adams, liquidator, there was no other option for the company. “We consider Chippendale failed because the company’s fixed costs and hence capacity exceeded their revenue,” he said. “This factor was coupled with the general decline in the printing industry in recent years.”

He also ruled out the prospect of a reported merger with Beaver Press. “The potential for a merger with Beaver Press Sales was not possible once Beaver Press and the company [Chippendale] were placed into voluntary administration,” Adams said.

Creditors are unlikely to receive any money, due to the amount of debt owing, Adams added. “Given the quantum of secured debt and employee entitlements, we are of the view that unsecured creditors will not receive a return.”

Liquidators are now preparing to complete the investigation that they commenced as voluntary administrators, looking into the company’s past dealing, actions and affairs.