Hygrade liquidated as era ends

Hygrade’s administrators are liquidating the company, following a meeting with creditors.

The trade forme supplier went into administration on June 15.

Some 50 staff will lose their jobs as a result, as the 60-year old supplier shuts its doors across Sydney, Melbourne and New Zealand.

David Raj Vasudevan and Andrew Reginald Yeo from Pitcher Partners are handling the liquidation process. Vasudevan says, “As the joint administrators, we have assumed control of Hygrade Group, Hygrade Management and Software, and Hygrade Cutting Formes. The affairs of all three are intermingled and intertwined.

“The three companies in question were placed into liquidation on Thursday. At the meeting of creditors, the creditors resolved for the companies to be round up.

“We are conducting an auction through Grays to sell the assets of the Hygrade business. It will be an online auction, and the website is now live.  Interested parties can make bids for some or all of the equipment.”

Australian Printer reached out to Rudi Jansen, the group CEO, but was unable to get comment prior to publication.

There is likely to be substantial interest in its assets, as the company had recently invested strongly, purchasing technology including seven lasers, three counter cutters, computerised rule benders and processors, half a dozen axis engraving machines, CNC Water Jet cutting machine and its latest acquisitions, a 2.5 kilowatt laser and a CNC router.

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