Sydney sign printer Robmar Signs is the latest business to close its doors, unable to recover from debts of more than $220,000.

Company owner Rob Derksen confirms he sold the 13-year-old business and its assets to his son Jason Derksen, before calling in administrators on February 18 to liquidate what remained.

Daniel Monle, administrator at Jirsch Sutherland, says only $10,000 was left after the sale of the business, which will be used to pay the administrators.

[Realted: More sings news]

Fortunately trade creditors are only owed $3000 with the rest owed to the Australian Tax Office ($130,000) and the company’s directors. None of them will get anything back.

Monle says the sale of the business to a related entity, Robmar Installations which has been operating since late 2013 and run by Jason Derksen, was legal as it was sold at a reasonable price, although he acknowledges it will raise eyebrows.

Robmar Signs manufactured and installed vinyl banners, window and floor decals, paper posters, extension and special concepts, and lightboxes from its Kingswood facility.

[Related: Printers in distress]

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