Barry Davis, managing director, Hyde Park Press told Australian Printer, “Trading conditions have been tight and the industry has lost a lot of revenue in recent times. The printing industry has been hit hard and ongoing costs to machinery and work slowing down has really affected the company.”
Davis says, “We are pleased to see there is interest in shown in the company, we will continue to operate for the next four to five weeks, and if there is no sale of the business then we will be liquidated.”
Clifton Hall has been appointed to oversee the administration of the company, Simon Miller, director, Clifton Hall told Australian Printer, “The administrators are continuing to trade the business, we have kept on all employees and will continue to work through the significant amount of work in progress currently on hand.”
Miller says, “In addition, our role is also to realise the assets of the company. We have advertised the business and assets for sale as a whole. We have had some interest already from others in the industry.”
Barry Davis, managing director, Hyde Park Press placed the printer – which has been trading since 1930 – into voluntary administration after a tough quarter which impacted severely on cash flow.
Miller says, “As a result of our appointment, creditors cannot continue with any enforcement action against the company without leave of the court. “
There will be a meeting of creditors on November 26, to allow creditors to determine whether to appoint a committee of creditors consult with the administrators, and whether to replace the administrators.
Creditors will have the chance to consider and resolve whether the company should execute a Deed of Company Arrangement, the administration of the company should end or the whether company should be wound up.
Hyde Park Press equipment includes; three Heidelberg Speedmasters (a five colour CD 74, five colour 102 and a two colour 102), a range of Canon and Océ digital equipment and a full bindery..
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