Administrators of Sydney wide format printer Craftech, NSW, have pulled the plug on the forthcoming equipment auction after receiving interest from buyers interested in acquiring the entire business as a going concern. Readers should note that inspection days and bidding are now postponed.
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| Craftech at 167 Prospect Highway, Seven Hills NSW 2147 - auction cancelled |
Following our report on the falling into administration of Sydney major wide format print house Craftech, administrators Daniel Frisken and Christopher Palmer from insolvency firm O'Brien Palmer have advised via the asset liquidators, Liquid Asset Management that the auction and inspection of equipment is all off while expressions of interest in acquiring the whole business are dealt with undeer due diligence.
The first meeting of creditors of Craftech Custodians Limited has been called for this Friday, September 4 at O'Brien Palmer's Clarence Street offices in Sydney’s CBD, and it appears this will still go ahead.
Under instruction from the administrators, auction house Liquid Asset Management announced details of an online auction that opened in good faith at 9am on Monday 31 August, but the thousands of bids received are now apparently void.
The equipment located at Craftech's Seven Hills site included the following:
2014 Oce Zund ProCut 2XL-3200 G3 CNC table Cutter
2 x Oce Zund ProCut 2500L G3 CNC Flat Bed Cutter (one with Router)
2016 Oce Arizona 6170XTS UV 7 Colour Flatbed Printer
2014 Oce Arizona 6170XTS UV 7 Colour Flatbed Printer
2011 Oce Arizona 550XT + W10 UV 5 Colour Flatbed Printer
2018 Trotec Speedy 400 Laser Engraver Machine
2017 Pro-Pac Packaging EXP-108 Pre-Stretch Pallet Wrapper
2012 Mistral M1650 Vertical Flow Single Sided Laminator
MISC: Pre-Press & Post Press Equipment, HP Latex 360 64”
Printer, Forklift, Heat Shrink Wrapper, Dust Filter, Pallet Racking
Wide Format Online's publisher, Andy McCourt, who has experience in asset management of companies under administration with Graysonline Industrial commented: "This is an unusual move but not unheard of. Naturally other sign and display printing concerns will see the advantage of acquiring all of the assets at a bargain price, especially the client list and ability to continue production uninterrupted. It may also be favourable for the employees if the administrators are willing to continue paying wages until a successful sale is achieved."
As far as creditors are concerned, the situation depends on the terms of any acquisition but past debts are rarely included in new ownership. Amounts owing to creditors are divvied up in a hierarchy where the administrators/liquidators get paid first, then secured creditors, then the ATO, then staff entitlements (but often these are passed on under the FEGS scheme) and lastly unsecured creditors. It all depends on the amount realised from the sale."
