The move was the first step of a liquidation being conducted by David Vasudevan, a partner at receiver Pitcher Partners, who says there has been a lot of interest since the company and its assets went on the market on March 2.

Vasudevan says, “At the moment we are going through the sales process with company director Michael Brown and have so far fielded a lot of interest in the company as a whole as well as its assets.”

Pitcher Partners has not stated whether Aster Colour will be sold as a whole, adding the sale being conducted through a silent tender could go either way and is expected to maximise the return for creditors.

The company assets, which includes a facility in Bayswater, a 10 colour Heidelberg 102 perfector press and around 14 other pieces of equipment, has an annual turnover of around $4m.

Vasudevan continues, “This is expected to be a quick sale as we need to preserve the good will of the business, which could deteriorate over time. Other stakeholders such as the landlord of the facility want a quick resolution for their assets.”

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