Creditors voted in favour of administrator Taylor Woodings’ recommendation to wind up the company at a creditors meeting in Sydney last Tuesday (25 May).

Liquidators Matt Adams, Peter Allen and Quentin Olde said Chippendale “failed because the company’s fixed costs and capacity exceeded their revenue”.

“This factor was coupled with the general decline in the printing industry in recent years,” Adams said.

Adams also mentioned the proposed merger with now-defunct Beaver Press. He said: “The potential for a merger with Beaver Press Sales was not possible once Beaver Press and [Chippendale] were placed into voluntary administration.”

“At this stage, given the quantum of secured debt and employee entitlements, we are of the view that unsecured creditors will not receive a return,” he said.

Liquidators will continue their investigation into “the past dealings, actions and affairs” of Chippendale” and realise the remaining assets of the company. The company has already sold its commercial printing and packaging client lists to Blue Star and Hannapak, respectively.

According to Taylor Woodings, Chippendale employees could now apply for their entitlements under the federal government’s GEERS scheme.

Creditors have also appointed a Committee of Inspection to assist liquidators in their investigation.

Chippendale Printing entered voluntary administration on 19 April.

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