Troubled Western Australian printer Picton Press has been put in liquidation with a clear majority of creditors voting to wind up the indebted business at a meeting in perth.
Around 13 creditors attended the meeting at the offices of administrators Cor Cordis on Tuesday with the majority voting to terminate a controversial Deed of Company Arrangement (DOCA) that was struck in November 2018 that allowed Picton Press to continue to trade despite having $9m debts.
Cor Cordis aministrator Jeremy Nipps confirmed the meeting outcome to ProPrint and that all operations have now ceased at Picton’s factory.
The directors of Picton Press put the business in voluntary administration in May 2018 with debts including $3.5m to unsecured creditors, $1.3m in tax and $660,000 in outstanding staff pay and superannuation.
A cash flow crisis sparked Picton’s problems after it invested in a high speed ten colour KBA Rapida 106 perfector in 2014 as the West Australian resource boom ended and demand for print diminished.
An accountant for Picton Press and its directors Gary Kennedy and Dennis Hague was present at the meeting and voted in favour of the deal with neither company director making any comments during the…
