The printer, which is based in the suburb of Redcliffe and registered under the name Babford Pty Ltd, went into voluntary administration on 21 July.
In its report to creditors, SV Partners said: “Our preliminary review indicates that the company may have been insolvent from at least 30 June 2010 due to the following: insufficient current assets to satisfy its current liabilities; deficiency of total assets to total liabilities; substantial unpaid tax liabilities; and superannuation remained unpaid and was significantly overdue.”
The company was owned by directors Dale Streten and Tom Gorman.
Streten told ProPrint he had been under the belief the company was solvent and said he had personally taken a big financial hit. He added that he was pleased that it looked like most of the staff would keep their jobs.
Gorman would not comment when contacted by ProPrint.
According to the administrators report, the company left $2.1 million of unsecured creditors.
A creditors meeting is due to be held on 26 August. At time of writing, 10 of JT Press’ 30 workers had lost their jobs, while at least some look likely to continue under the new owners.
SV Partners’ report said a company called Green Grass Forever had entered into a sales contract to take over JT Press on the same day it called in the administrators.
The $500,000 buyout will most likely see the trading name of JT Press continuing, with Green Grass Forever taking control of some assets and staff. Streten will continue with the company as sales manager.
Green Grass Forever director Anthony Crudgington has appointed Richard Biddle as general manager of JT Press. Biddle is the former director of Peninsular Colour, which closed last year after insurers rejected a claim following flood damage.
Crudginton said: “My association with Richard goes way back. I wouldn’t have taken this role [as director] on otherwise I knew it was going to be a success. They have cut back staff and there is a whole new culture in the place.”
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter
