Rodgers Reidy, which was appointed on 17 October, told ProPrint it would continue to investigate the company’s affairs and report to ASIC, despite the fact there isn’t even enough money in the pot to pay its fees for winding up the business.

Associate director Shane Cremin said: “At this stage, there are no funds in the liquidation so there is no funding to pay for any actions that Rodgers Reidy may identify.”

He explained that the only way further investigations could be funded are if ASIC or the major creditor, the ATO, put money in.

“Any creditor can fund a liquidator to pursue an action. ASIC may provide funding through its Assetless Administration Program,” he added.

The insolvency firm lodged its preliminary report to ASIC on 6 December 2011, where it blamed the collapse of PrintWorld Victoria on “poor strategic management of business, inadequate cash flow or high cash use, poor economic conditions, [and] trading losses”.

PrintWorld Victoria Pty Ltd was formerly known as PrintLinx. It was renamed in April 2011, with associated company Mercedes Waratah now trading as PrintLinx.

Michael Todisco, director of Mercedes Waratah and former director of PrintWorld Victoria, did not comment when contacted by ProPrint.

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