Sydney signage printer collapses owing $2.3m

Billboard and signage supplier Brite Solutions was liquidated owing $2.3 million, with its only assets being $11,000 cash, according to documents filed with ASIC.

Greg Andrews from GS Andrews Advisory was appointed liquidator on 12 September. Andrews did not respond to ProPrint‘s requests for comment.

Brite’s biggest creditor was The Printcentre in Melbourne, which was owed $1.2 million.

The relationship between Brite and The Printcentre is unclear. The LinkedIn account of Brite director Darren Soppi says he is “director/owner at The Printcentre/Brite Solutions”. Soppi did not respond to ProPrint‘s requests for comment.

Brite also owed $200,000 to the Australian Taxation Office, $40,000 to Sydney-based Digital Print Media Solutions, $38,000 to Starleaton, $26,000 to Fujifilm and $20,000 to Anitech.

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The sale of part of the company had been made around two weeks before it filed for liquidation.

According the liquidators report: “When [Brite] realised they were unable to enter into a payment plan with the Australian Taxation Office, they sold the business to a large signage company, TPS Venture, and decided to place the company into liquidation. TPS Venture paid $11,000 for the purchase of the business and took on the staff entitlements.”

Three or four of Brite’s seven or eight staff moved across to TPS in the deal, according to the liquidator’s report.

TPS Venture owner Kevin McClure confirmed TPS had picked up Brite’s customer list in the 31 August deal.

McClure worked for Brite from September 2009 to December 2010, but stressed TPS and Brite were “totally separate entities”.

“There is no relationship other than I pick up some work from [The Printcentre],” he said.

[Related: Companies in distress]

Brite Solutions is in no way related to Bright Print Group.

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