Sydney trade printer Printprocol is no longer in voluntary administration after a deed of company arrangement (doca) was accepted by the company’s creditors, according to a staff member.

Printprocol owner Sean Fagan placed the company into voluntarily administration in October with its fate to be decided at a second creditors meeting in November.

Fagan previously said the company was facing trouble due to bad debt from trade clients who failed to pay for jobs.

Australian Printer has been unable to reach Fagan for several weeks, however Printprocol pre-press operator Michael Vagg has confirmed the company is now back in the hands of Fagan. 

During the second creditors meeting the company’s creditors chose to receive a monetary offer from Printprocol as part of the doca.

“At the second creditors meeting it was agreed by all parties that the doca would be executed,” Vagg explains. 

Vagg says the doca proposed by Fagan was a ‘fairly generous offer’ but declined to provide further details.

“If the offer was unacceptable, the creditors could have put us in liquidation, but they accepted it because they realised it was better to keep the company going, that way everyone gets paid going forward,” Vagg explains.

“Printprocol is in a favourable position where we can move forward, grow and continue to prosper.”

The voluntary administration was being handled by Cor Cordis Chartered Accountants. They have declined to comment on the matter.

The company employs 12 staff, Vagg says the financial struggles have not impacted jobs, wages or super payments and the business will continue operating as usual.

Printprocol was founded in 1987 and in 2012 received a 25 Years Member award from the Printing Industries Association of Australia.

The company services trade clients within the New South Wales print industry.

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