Damian Templeton and Darren Lewis from KPMG were appointed yesterday by the secured creditor, National Australia Bank.

Vega would be one of the biggest commercial printers to collapse in Victoria in recent memory.

Vega employs up to 70 staff and has a turnover of around $18 million, according to KPMG.

However, details remain uncertain. Vega managing director Peter Gude said he was unable to comment ahead of a staff meeting later today.

[Opinion: Do forensic checks before extending credit]

KPMG director Anthony Ibrahim was also reluctant to comment before the meeting, although he did tell ProPrint: "From our perspective it's business as usual. We're trading on and speaking to prospective purchasers at the moment.

"We're raising orders and selling stock and taking orders. We will undertake an urgent assessment of the financials of the business… We want a very quick and focused selling campaign."

One supplier, who asked not to be named, said his exposure was more than $30,000. Another trade supplier told ProPrint his debt was also about $30,000, but some of it was insured.

Both sources said part of the problem was that Vega had been doing low-margin work for print management companies.

Less than a year ago, Vega was in talks with Opus Group about the opportunity to co-locate at Vega’s Notting Hill plant, potentially as a way to bolster the business.

Vega is known as one of the country’s greenest printers. The FSC-certified company recently secured carbon neutral accreditation.

Its green accolades include the International Heidelberg Eco Printing award, as well as a string of local commendations for its environmental activities.

[Related: More news about companies in distress]

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