The business, which traded as Embassy Print Solutions and was believed to be turning over $2.5m to $3m, called in HLB Mann Judd on 1 August with $2m of debt.
There is $728,807 owed to unsecured creditors, with $171,142 owed to paper merchants and the rest to trade suppliers and the ATO.
The liquidator said 15 staff members had been made redundant.
According to the Embassy Print Solutions website, directors Ryan Paternott and Craig Dykes purchased the firm in 2010 from previous owners Robert Gemmel and John Israel, who had run it for 30 years.
Sources close to the company told ProPrint that the new owners had been forced into liquidation after it turned out they had taken on hidden debts.
Following the move into liquidation, Paternott and Dykes have continued to work for their print broking firm, Embassy Print (Aus), which was registered as a company on 15 June 2011, with the director listed as Kristina Paternott.
HLB Mann Judd’s Philip Newman said: “Some of the assets were sold to the related entity before the liquidation. It wasn’t the printing machinery – it was computers and office equipment. The business wasn’t sold as a going concern.”
He added that it was too early to determine whether there would be any return to creditors. A meeting is being held today.
ProPrint could not reach Robert Gemmel or John Israel.
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