Last week, The Australian name-checked five Australian printers, including ProPrint‘s printer Webstar and The Quality Group, as unsecured creditors, said to be owed a total of $1.3m, or around 40% of a total unsecured debt of $3m-$3.7m.
While administrator Worrells said it was “still collating unsecured creditors’ claims and cannot yet confirm the total amount owed”, printers contacted by ProPrint agreed the figures largely matched the actual debts.
Quality Group chief executive Paul Canty said Derwent Howard’s debt to his company was in fact “a bit higher” than the $245,000 quoted in The Australian.
Canty added that a creditors’ report from Worrells “detailing the options available” was due today, but had not yet been received.
Webstar general manager Warwick Hay also confirmed to ProPrint that his company was an unsecured creditor in the Derwent Howard collapse.
Hay said the web offset printer ended an eight-year relationship with the publishing house after “we were informed that the business had been heading into troubles”.
“The partnership was headed down a track whereby it wouldn’t be a viable business,” added Hay.
He said the unsecured debt was “around” the figure of $678,000 quoted in The Australian.
Derwent Howard, which published titles such as Australian Official PlayStation Magazine and Australian 360, was placed into voluntary administration late last month by founding partner and director Jim Flynn, after a turbulent year which saw co-founder Nathan Berkley abruptly leave the company in March and managing director Nick Cutler resign in August.
Some of Derwent Howard’s titles, including the flagship Playstation magazine, are continuing to be published by Media Factory, a company recently set up by Flynn.
The Quality Group’s Canty would not comment on speculation that the printer has taken on work for the Media Factory.
A statement from Worrells earlier this month said that 40 unsecured creditors had been identified thus far, and that estimated outstanding liabilities totalled $5.2 million.
Flynn has not returned request for comment at the time of writing.
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