Kudos was liquidated on 17 October owing $199,000 to KW Doggett Fine Paper, $47,000 to Heidelberg Graphic Equipment, $32,000 to Toyo Ink and $11,000 to Auscotes.

The Brisbane firm had non-industry debts of $700,000 to Westpac, $159,000 to the Australian Taxation Office, $120,000 to St George Bank and $20,000 to Toyota Finance. Owner-directors Jean-Paul and Gay Murray were also owed a combined $135,000.

David Stimpson and Terry van der Velde from SV Partners were appointed liquidators. A spokesman from the firm told ProPrint that creditors were unlikely to get any money back.

Jean-Paul Murray said he and his wife, Gay, were devastated to have lost the business they bought in 1996.

[Opinion: Do forensic checks before extending credit]

“We were affected by a difficult economy. Sales were down and margins were low. In July and August, we suffered a really big hole in our sales,” he said.

Kudos was also hit by late payments and defaulting from some of its trade customers, he added.

Murray said they were forced to sell Kudos for a “less than ideal” price after running out of money. The Printing Office declined to comment about the September deal.

Kudos’ equipment and customer list changed hands in the sale, along with its 12 staff and their entitlements, said Murray. The deal did not include the debt.

“We got a very, very good outcome for the staff and the customers,” he said.

Murray said Kudos was still trading from its Kedron premises under its own name, but would be swallowed by its new owner at the end of year when it moved to The Printing Office’s Eagle Farm site.

[Related: Companies in distress]

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