Babford Pty Ltd, which traded as JT Press, was placed into liquidation by SV Partners following a creditors meeting on 26 August.

A sale of the assets to a company called Green Grass Forever is currently being finalised, with JT Press still operating under a purchaser license issued by SV Partners. The trading name JT Press is expected to continue.

Liquidator David Stimpson said it would be unlikely for unsecured creditors to see a return on their debt.

He added that SV Partners still needed to investigate further before they could determine if the company had been trading insolvent.

“There are two possibilities [if the company is found to be trading insolvent]. One is that ASIC will seek an order to disqualify the directors, or we as the liquidators can pursue the directors directly for debts accumulated while trading insolvent,” he said.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter