Above: Sule Arnautovi

The administrator for Access Print Solutions, Graphic Print Group and Graphic Web, Sule Arnautovic, has confirmed that directors Mark Holmes and Norbert D’Souza have bought back the businesses or ‘Companies’ under a new company name.

In a letter to creditors, suppliers and employees, Arnautovic explained more about the management buy-out of the Companies for an undisclosed sum that went into administration on 19 June.

“The Companies have executed a Business Sale Agreement with Access Print Holdings (ABN: 49 678 413 968) whereby Access Print Holdings (APH) has purchased the business and assets of the Companies on a going concern basis,” Arnautovic said in his letter.

“The Directors of the Companies, Mr Mark Holmes and Mr Norbert D’Souza, are also the Directors of APH. The Effective Date for the sale of business of the Companies was 5.00pm on Wednesday, 10 July 2024. The Completion Date for the sale of business of the Companies was Friday, 12 July 2024. APH is responsible for the business and the creditor obligations of the Companies from 5.01pm on Wednesday, 10 July 2024,” the letter said.

Suppliers of goods and services to the business have been requested to close the trading account for the administration and contact APH to discuss future orders from 5.01pm on 10 July.

Arnautovic said he expects all current employees of the Companies will transition their employment to APH.

“With respect to those employees who transition their employment to APH, their employee entitlements (except for superannuation/SGC as at 19 June 2024) will be transitioned to APH and continue to accrue in the ordinary course of business under existing employment terms. APH will be liable for the payment of all salary and employee entitlements moving forward i.e. post 5.01pm on Wednesday, 10 July 2024.  Please note that all salary and entitlement amounts for the specific period of 19 June 2024 to 5.00pm on 10 July 2024 will be paid by our office.

“For any employees of the Companies who choose NOT to transition their employment to APH, your employment will have been terminated effective 5.00pm on Friday, 12 July 2024 and you will rank as a priority creditor in the Administration process for any outstanding employee entitlements (and for superannuation/SGC claims as at 19 June 2024). The payment of these outstanding entitlements will only be payable in the event we realise sufficient funds (after costs, in a liquidation or DOCA for the Companies) to pay such employee claims and/or if the Fair Entitlement Guarantee (“FEG”) Scheme pays such employee claims. FEG only applies in a liquidation of the Companies and does not cover superannuation/SGC claims.

“The forthcoming second meetings of creditors of the Companies will be held on 24 July 2024 and will likely be adjourned for up to a maximum of forty-five (45) business days to enable us to conduct further investigations into the Companies’ affairs; attempt to bring the Companies’ financials accounts and tax returns up to date as at 19 June 2024; consider any Deed of Company Arrangement (DOCA) for the Companies; and establish an estimated dividend return to creditors of the Companies as at 19 June 2024 in both a liquidation and DOCA (if any) scenario; and make our recommendations to creditors as to the future of the Companies.”

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