Good Impressions creditors get nothing

Three years after the collapse of Good Impressions employees have only just got their entitlements, but almost 80 unsecured creditors will not be paid a cent of their $2m.

Liquidator John Vouris at PKF says $30,000 in outstanding superannuation has just been paid to 37 employees, and another $300,000 in other entitlements to 13 staff.

The super was paid using money recovered from the failed Sydney printer while other entitlements were funded through the Fair Entitlement Guarantee, though liquidators refunded the government program 3c in the dollar.

While secured creditors took back equipment to recoup at least some of their losses, the 80 unsecured creditors owed about $2m will get nothing.

[Related: More credit and debt news]

Major debts to trade creditors include $390,000 to BJ Ball, $193,000 to Dalton Paper, $85,000 to Agfa, and $36,000 to Fuji Xerox.

Good Impressions collapsed in March 2012 but was allowed to keep trading in an attempt by creditors to recover their money.

However, only one payment was made before the deal was terminated in November 2012 and the company was liquidated with debts of what Vouris now says were $4.9m, though $2.6m of that was owed to related parties.

Creditors then in February 2013 accepted a deal to protect director Peter Edwards from litigation if he paid $200,000, but this has also failed to give creditors any return.

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