Failed Todisco-owned outfit Print Applied Technology has left its long-time creditors reeling after liquidators admitted they would never see a cent of the debt owed.
The Hobart-based business is still in the winding up process after it collapsed into liquidation in 2013.
Liquidators say the eight major creditors – who are owed a combined sum of $800,000 – will never receive any money back. A creditors list has not been disclosed.
According to liquidator Edward Muscat from Mayfields Business Advisors, the Tassie printer was forced into closure following a major restructure of the Todisco print empire.
Since its liquidation in 2013, the business has held three creditors meetings, and another is scheduled for September 30.
Owned by the well-known Todisco print family, Print Applied Technology also came under hot water in 2011 when it was fined $120,000 for an incorrect tax claim.
The claim involved the sale of a second-hand, $3.3m Heidelberg Speedmaster which Print Applied claimed an input tax credit of $300,000. Liquidators deny the penalty had any association with the company’s subsequent failure.
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