Liquidator forced to work ‘for free’ to wind up Park Printing

The Sydney firm was liquidated on 22 August 2012 with debts of $119,000, including $102,000 to the Australian Taxation Office and $8,500 to Vilensky Paper.

Park Printing had $5,500 in assets – $2,334 in cash and the rest in furniture and office equipment that had no realisable value.

John Vouris from Lawler Partners was appointed liquidator. According to a report from Vouris covering the six months to 21 February 2013, he collected only $755 in expenses.

Park Printing was founded in 2008. Vouris said it collapsed due to poor strategic management, poor bookkeeping, inadequate cashflow and a difficult market.

He said creditors were unlikely to get back any money.

[Related: More news about companies in distress]

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