Insolvency practitioners SV Group were called in on 1 July by director Maurice Lieberman due to the challenging trading conditions, with debts numbering in the millions.

Joint administrator David Stimpson told ProPrint that unsecured debt would “probably be around the million dollar mark, if not more”.

He added: “Essentially it has been trading a loss for some time and the projections showed that substantial funding was required to continue trading in its current form.”

The company comprises Pyx Printed Packagng and Food Pails International, both based in Eagle Farm. It had employed 33 people, though Stimpson confirmed that five employees had left in the weeks before his firm was appointed and a further five had left since then.

Stimpson said SV Partners was still “piecing it together” but said along with the unsecured debts to trade creditors and the tax office, there was secured debt of about $2 million, including plant equipment.

Pyx lists a six-colour Heidelberg Speedmaster CD 102 with UV among its plant list.

The company was established in 1996 and went on to acquire Food Pails International in 2007.

It manufactures custom printed packaging as well as other printed collateral such as point-of-sale and brochure work.

Stimpson said negotiations for a sale of the business were about to commence. “The thing in its favour is it’s a long-established business with a pretty good client base.”

A creditors’ meeting is scheduled for 13 July.

Director Maurice Lieberman did not return ProPrint‘s calls.

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