Hall Chadwick took over the administration of the businesses – which have a combined workforce of 157 – on March 5. The administrator says the objective is to either maximise the chances of the company continuing or if that is not possible, result in a better return for the company’s creditors and members than would result from an immediate winding up of the company.
A meeting of creditors in the voluntary administration of the companies is being held in Albury NSW on March 16.
The Administrators will also be assessing the financial affairs of the Companies over the forthcoming weeks and reporting to creditors on a detailed basis. This report to creditors will detail the Administrators recommendation as to the future of the Companies based on their investigations.
At a second meeting of creditors, creditors will decide the future of the Companies.
The Paragon Printing, Albury mentioned in this article is a separate entity to Canberra-based printer Paragon Printers Australasia. Mal Barnett, group technical manager at Paragon Australasia Group says the printer located in Fyshwick has been operating for 40 years and is “alive and well.”
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