Creditors have so far made claims for $6.7 million since secured creditor National Australia Bank tipped the Melbourne printer into receivership on 20 February.

The claims include $787,000 for BJ Ball, $413,000 for KW Doggett and $342,000 for Spicers, part of Paperlinx.

The largest debt is the $3.2 million owed to the Peter Gude Superannuation Fund. Vega managing director Peter Gude declined to comment when contacted by ProPrint.

The creditors list does not say how much is owed to the National Australia Bank; it seems highly likely Vega’s total debts will exceed $7 million.

[Opinion: Do forensic checks before extending credit]

KW Doggett managing director Simon Doggett told ProPrint the merchant was “extremely disappointed with our credit exposure at Vega”.

“Although this is an insured position, we cannot continue to expose our insurer to the credit risks we are currently dealt with in the industry,” he said.

“The events of the past few weeks and other trade credit pressures we are dealing with are a result of the industry structural changes occurring, exacerbated by some poor balance sheet management by some companies.

“The reputation of our industry to important stakeholders, including insurers, financiers and our valuable employees, is being tarnished and undermines the strengths and achievements of a great industry.

“Although we remain very committed to our customer base, clearly our company and the industry will be under increasing pressure to review the credit exposure associated with supply of goods via unsecured credit in the near future.”

Meanwhile, receivers KPMG said today was the last day for potential buyers to submit bids for Vega.

Partner Damian Templeton told ProPrint: “There are a healthy number of interested parties. We’re very happy with the number of interested parties that are there.”

He said the aim was still to sell the business as a going concern, but that bids had also been made for parts of the business and machinery.

Templeton also said Vega’s headcount had been trimmed from about 70 to 60 to reflect the current level of demand.

He said staff, suppliers and customers had all been supportive during the receivership.

[LinkedIn: Should the industry stop operating on credit?]

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