Quality Print Group goes under

Massive debt drives Paul Canty's Quality Print Group into liquidation.

The family-owned Sydney company was put into voluntary liquidation on 15 June. Geoff Davis of Rodgers Reidy, who is handling the company along with Rob Moodie, said that as it was a relatively new case, the two were still investigating what caused its downfall.

“There is nothing on the face of it that indicates anything untoward. That said, we are certain that creditors won’t get all of their money – I don’t know how much, if any, of the money they will get,” Davis said.

"The company reached a point where it didn't have enough money to pay its debts, had difficulty dealing with financing and creditors."

According to Davis, debts have not yet been quantified, but he estimated that they will be “north of $6 million … but debt amounts will change, as is normal with a company of this size.”

The Quality Print Group business was sold two weeks ago to the Caxton Group, a run by well-known print identity, Geoff Selig, and is not affected by or involved in the company liquidation. “The business was sold by an arm’s length transaction,” Davis said.

A creditor’s meeting will be held in the next week and a half to advise what is happening with the winding up.

The incident is not in isolation and is reflective of the tough time those in the printing industry are experiencing. This month alone, companies including Litho Print and Bravo Digital Print Group both went into liquidation, while Oyo Digital Imaging also entered voluntary administration. Such industry contraction is unavoidable, and does not look likely to settle any time soon.