Gosford-based print packaging firm Elite Packaging Solutions has collapsed into administration following the sad and widely publicised murder of its managing director Keith Collins last month.
The packaging specialist has been in operation for 20 years, it designs, prints and laminates cardboard and diecut packaging, with some 16 staff members.
Managing director Keith Collins was involved in a fatal exchange with a man unknown to him at a Korean restaurant in Sydney’s north-west on March 31.
Collins was on a first date with Jovi Pilapil who he knew through an internet dating site, and was tragically stabbed to death by his date’s abusive ex-partner who also tried to kill her.
The man, Alexander Villaluna is now facing murder and attempted murder charges. He walked into the restaurant and launched into a stabbing frenzy.
However the administrators appointed to Elite Packaging Shaw Gidley told ProPrint Collins’ death is not at all associated with the company’s administration, and say it had been ‘experiencing financial difficulties’ for quite some time prior to his passing.
The business is listed online as generating an estimated yearly revenue upwards of $500,000.
Voluntary administrator Paul Gidley says himself and James Shaw were appointed to the case due to the sudden absence of a managing director, to guide the company through the current period.
Gidley tells ProPrint the administrators will lead the company through two separate creditors meeting, the first on slated for April 28 to inform creditors of their position.
The following meeting is scheduled to address one of three options for Elite Packaging: it may enter into a deed of company arrangement, fall into liquidation or reach a solution where Elite may resume trading as a solvent business.
Gidley says it is highly unlikely that a solvent solution is reached, and predicts the administration will result in one of the first two options.
“We are now assessing the viability of Elite Packaging having a trading future, and the desired outcome is for the company to return to solvency however it is unlikely this will happen,” says Gidley.
“At present time we have only been dealing with the administration for 48 hours and we are still collating company financial data to assess its position. It may attempt to trade its way out of administration but I don’t see this happening.”
It is hoped the workforce of 16 that are employed by Elite Packaging at its Gosford headquarters will retain employment, however their future with the company remains uncertain.
Collins leaves behind a teenage daughter. His older son was killed in a car crash three years ago.
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