128950489 Pty Ltd (formerly known as Express Print & Mail Pty Ltd) owner Matthew Chadwick sold the business, assets, and brand to a new company owned his mother Wendy Chadwick for $177,000 a month before putting the company that owned the business into liquidation.
Of the $177,000, some $90,000 was paid in cash, with the remaining $87,000 of the sale price covered with the new owner taking over $281,000 in entitlements owed to staff, covering long service leave and the like. The company known as 128950489 Pty Ltd went into liquidation at the end of July with debts listed at $4.15m.
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Read the full article at: https://www.print21.com.au/commercial/express-print-and-mail-sold-for-177-000-to-owner-s-mum