Million-dollar collapse for firm that supplied print managers

A Melbourne printer with a long history of supplying to print managers has been liquidated following a million-dollar collapse.

Tullamarine-based Harvey Print Group was wound up on 8 October, with Glenn Spooner of Cor Cordis appointed liquidator.

A Cor Cordis document sent to creditors last month showed that Harvey Print owed $537,000 to secured creditors and $52,000 to preferential creditors. A spokesperson told ProPrint today that unsecured debts currently stood at $483,000.

The two largest claims were $117,000 from director Simon Rickard and $100,000 from the Australian Taxation Office, according to the document. Rickard declined to comment when contacted by ProPrint.

The document revealed that the Commonwealth Bank and a finance company called Esanda are secured creditors, although no claims were listed.

[Feature: Don't burn bridges with suppliers]

It also showed that Harvey Print had $252,000 of assets, including a $182,000 debtor book and $52,000 of assets subject to specific charges. However, Cor Cordis estimated that only $105,000 of those assets were realisable, which would suggest a shortfall of $967,000.

The spokesperson told ProPrint that it was not yet known what sort of return creditors would receive.

Harvey Print was one of the 78 printers appointed to the Federal government's print panel in 2010. It was established in 1961, according to a company profile on LinkedIn.

"Harvey Printing is a half-sheet offset lithographic printer specialising in small to medium print runs specifically for print management and procurement," according to the profile.

"Our lean manufacturing, management and sales structure allows us to provide cost savings to your print procurement process.

"We have been supplying to the print management industry for over 20 years. With the addition of our second five-colour half-sheet press, commissioned February 2012, we have increased our capacity and flexibility, however our focus is on sustainable and targeted growth."

[Related: More news about companies in distress]

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