Melbourne-based All Can Use Print was liquidated on 3 September, with creditors including $51,000 owed to ANZ and $11,000 owed to Metro Printing.
Owner John Fois was the main creditor after he injected $140,000 into the business in the form of a director loan.
Fois told ProPrint that All Can Use Print became untenable when he lost several major clients.
“You lose a few jobs that you’ve had for a while, and all of a sudden you’ve got to try to find other work to replace it, and in the current environment it’s not good,” he said.
He said he was the sole employee of All Can Use Print and that the business was run from his home and car.
All Can Use Print had less than $4,000 of assets in the form of equipment and debtor payments when it collapsed.
Liquidator Mathew Gollant from Foremans Business Services told ProPrint that he didn’t expect the creditors would get any money back.
Fois said he was now working for another company outside print and that he would be unable to repay his creditors.
The first creditors meeting was held on 24 September.
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Well I’ll be ##@@@#$% !
How can a one man band with $4000 in assets go down with that much debt? What happened to the income from the print jobs as it came in? And did the ANZ Bank lend the company in excess of $51000 just so it could be spent on wages for the sole employee?
Give me a break.
What a joke – how is that even possible??? And now he’s “working for another company outside print” yet can’t find any cash to pay his creditors??? What a cop out……….
Why people even mention or try to claim how much they injected into the business as some sort of directors loan is a joke. I cant pay my creditors but the company owes me blah blah because I took the money that i should have paid bills with, spent it, then sold my beach house and put the money back into the business to keep it afloat. so now I am owed – give me a friggin break – this also should be a warning to all the others that claim this, what sort of idiots they look.