Lindsay Yates & Partners Pty Ltd is in voluntary administration, with a creditors meeting taking place in Sydney this morning.
Former Lindsay Yates co-owner David Shoppee says the administration process and winding down of the company is a formality following the sale of the business to Melbourne outfit Whirlwind last October, and is not related to the current business.
The company was placed into voluntary administration on May 24, with time given for creditors to provide proof of debts, the window having closed yesterday afternoon.
The administration is being handled by Worrells Solvency and Forensic Accounting (Worrells), with partner Christopher Darrin named as the administrator on the ASIC notice.
The agenda of the meeting includes whether to appoint a committee of inspection, and if so, who are to be the committee's members.
At the meeting, creditors may also, by resolution, remove the administrator(s) from office and appoint someone else as administrator(s) of the company.
Whirlwind Print bought Sydney outfit Lindsay Yates with the intention of running it with the same management, staff, equipment and targeting the same market as it operated in, which is the high end creative space.
Former Lindsay Yates owners David Shoppee and Paul Richardson are now part of the senior management team at Whirlwind.
Under the Whirlwind deal Lindsay Yates did not become a trade printer, which is the other arm of Whirlwind’s business, although some of Whirlwind’s trade work for NSW and Queensland customers may well be produced on the Lindsay Yates presses.
Lindsay Yates owners Paul Richardson and David Shoppe were looking for a partner for a year or two to take the business forward. They bought the business in 2004 from founder Ian Yates, who started it 40 years ago, and still works there.
Shelley Bornstein, practitioners Liaison Manager, Worrells says, “Our review of the Company’s operations are ongoing and therefore it is not appropriate to make comments on the progress of the Voluntary Administration until we finalise our preliminary investigations, details of which will be provided to creditors with our next report pursuant to s439A of the Corps Act."
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