Sands Print on track to be liquidated and unsecured creditors burned for $3m

The other options would be for the creditors to return the company to the directors’ control or for the directors to present a Deed of Company Arrangement to be able to continue trading, but neither of these was likely, according to Stirling Horne of Lawler Draper Dillon.

The second creditors’ meeting on 18 May is expected to be adjourned so the administrator has enough time to work through three “preferred” offers for Sands Print, said Horne.

Horne also said he was confident employees would receive all their entitlements through the combination of realisable assets and the Federal government’s General Employee Entitlements and Redundancy Scheme (GEERS).

At the first creditors’ meeting on 17 April, Horne said he would investigate whether any insolvent trading had occurred and announce his findings on 18 May.

The preliminary report revealed Sands Print had gone into administration on 4 April with around $4.5 million of assets and $6 million of debt – $3 million of which was unsecured.

Unsecured creditors include the Australian Taxation Office ($413,000), BJ Ball ($170,000), KW Doggett Fine Paper ($141,000), Spicers Paper ($128,000) and Direct Paper Supplies ($100,000).

There were also debts of $1.5 million to Bernice Stub and Ann Lewin, who are believed to be the partners of directors Mannie Stub and Ernest Lewin. Secured creditor NAB was also owed up to $2 million.

Sands Prints’ assets included $2.3 million owed by debtors, $1.2 million in plant and equipment, $944,000 of stock and $35,000 cash.

Australian Manufacturing Workers Union organiser Harriet Stewart told ProPrint that while she was confident the employees would receive all their entitlements, they were still in a difficult position.

She said GEERS payments usually took three to six months to arrive, which could cause stress for people with mortgages.

Stewart said the workers were “anxious and upset” about Sands’ predicament and worried about their job security.

The AMWU is representing 24 of the company’s 80 employees, according to Stewart.

Sands Print managing director Mannie Stub did not return ProPrint’s calls or emails.

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11 thoughts on “Sands Print on track to be liquidated and unsecured creditors burned for $3m

  1. If I was owing the ATO half a mil I’d be thrown in jail! Apart from that employees have been discouraged from taken leave for a long while, which is disgraceful. My partner has been a hard worker at Sands for many years and we are hoping to start a family this year and buy a house. Thanks very much to the clowns running this show for potentially wrecking people’s lives. I have also worked somewhere where I didn’t get any super paid so I know how Boundy feels. He was just venting his frustration, it has to come out somewhere doesn’t it!

  2. Peeved
    Move on. There are lots of hard working employees at Sands, don’t you dare blame anyone for potentially wrecking your lives, and if your partner did not take leave as far as I am concerned your partner is the clown, as most employees were encouraged to take leave and took it.

  3. Committed,
    you are the CLOWN. We the workers were all called up the front office a few months ago and TOLD nobody is to take any leave. You must be one of those office types that sit on your arse all day and make other peoples job a real chore. If it wasn’t for over payed people like you who are non productive the place might still have a chance. I’m sure your full of lots more misinformed information and Mannie will look after you when all is done! So don’t YOU dare have a go at somebody who is concerned about theirs partners future. You need to be committed in a mental hospital you muppet.

  4. There you go again ‘committed’ with your misinformed information. At least get something right.

  5. Don’t worry about me committed I’ll be just fine! Worry about yourself because we are all in the same boat, and stop being a hypocrite, you want to talk about personal attacks. All your comments are full of them.

  6. Sands staff took a 4% pay cut over 2 years to assist in the survival of the company, during this time the management failed to introduce any new or innovative ideas. Total lack of communication with floor staff about ideas, An unbelieveable top heavy office. Introduction of poor middle management. Far too many departments under separate management. Lack of a machine maintenance protocol. Redundancy from floor staff an not the office while still hiring a large contingency of agency workers. I congratulate the company for lasting so long. The failure of this company in not due to lack of sales but due to sands being unable an unwilling to change. The people in the office an on the floor lacked leadership not skill. Oh, and in case I don’t see ya, good afternoon, good evening, and goodnight.”

  7. I worked for Sands for a number of years … No pay rise, in fact we had a 4% REDUCTION in pay, I had a contract and still they took it … our choice was … take it or leave, I left. This has been coming for years … taking that 4% was just an absolute crime … he still had his holidays at private golf resorts, holidays overseas, he still drove around in his Porsche … (the service on that car alone would have been my 4%) and it seems the wives also got their cut … So unfair on the workers … Feel for you guys, I know Sands has had very loyal people working for them.

    1. I’m surprised to hear that the family were still getting benefits, overseas holidays, golf clubs? This is the sort of stuff born in the 80s – and I thought left there. In this era, who in their right mind would be running a business with this type of excess?

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