PostNet Aust calls the administrator with $300k debt

An administrator has been appointed to manage PostNet Australia which has held the exclusive rights to franchise the print, courier and mailbox business across Australia since 2007.

PostNet Australia Pty Ltd has a number of outlets across Australia and was placed into voluntary administration with administrator Grahame Ward of Mackay Goodwin in Sydney appointed to manage the business on June 3, 2019 with debts of $316,000.

Calls by ProPrint to PostNet stores confirmed the administrator notification had been distributed to franchisees. One operator said his business is operating as usual and if the decision is made to wind up PostNet Australia, he will continue to do business under a different name.

The owners of the Brisbane PostNet store were unable to be contacted but the person who answered the phone said she was managing the mailbox aspects of the business but doing no printing through her souvenir shop in the CBD.

ProPrint has left a message for the administrator but was still waiting to hear back at the time of publication.

A combined notice of appointment and first meeting of creditors of company under administration notice was posted to the Australian Securities and Investment Commission website on June 3, 2019 with Ward listed as the administrator appointed to run the company.

A creditor list seen by ProPrint shows 40 entities are owed $316,131 in total with the Australian Taxation Office accounting for $123,510 of that. Other creditors include the ANZ Bank owed $17,390 and POS Systems Software owed $7678.

Others listed as being owed money include those that made shareholder loans to PostNet Australia. These include Singapore-based Kum Seng Chow who is owed $350,000 plus interest, Robin Lau owed $80,000 plus interest, Foong Ngor Lau owed $80,000 plus interest. Another loan of $50,000 is also listed as being made by Leong Hin Chong.

The company lists $200,000 worth of assets with the PostNet master franchise license valued at $180,000. It also lists its software packages at being worth a combined $15,500.

A creditors meeting was scheduled for June 13.

PostNet Australia was incorporated in 2007 and acquired the exclusive rights to franchise the PostNet business for the Australian market The latest information on the company’s website shows it has locations in Melbourne, Perth, Brisbane and Sydney and had plans to open more.

PostNet franchises provide printing, mailing and mailbox services.

In 2017 MBE Worldwide, one of the largest third-party logistics, printing and communication service retail networks in the world with 1,600 locations globally, purchased PostNet International Franchise Corporation.

 

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