A New South Wales-based poster manufacturer that was contracted to supply banners for the Labor Party’s election campaign banners has collapsed into liquidation.
Roller Poster has been in operation since 1994, claiming on its website it’s “still on a roll”.
The company was in the middle of completing a $100,000 contract to the Labor party to print posters and banners ahead of the July 2 election, when it collapsed into liquidation late last week, according to Fairfax.
The company went into liquidation at 3pm last Friday, when Amanda Young of Jirsch Sutherland was appointed, and at the time Labor’s contract was nearly complete. According to Fairfax, negotiations took between the liquidator and landlord over the weekend over outstanding rent payments and the company’s equipment, with an agreement reached for the Labor contract to be completed.
ProPrint reports Roller Poster owner Tim Wilson has been unwell and the business had been trading under an interim manager while Wilson tried to sell the business.
Liquidator Amanada Young told SmartCompany the company was placed in to liquidation due to a reduction in sales in the months prior.
“The company’s director did not want to incur further debts by continuing to trade the business, as he wanted to ensure there would be sufficient realisations from assets available to pay employee and other creditors,“ Young says.
Roller Poster will continue trading at a reduced capacity in order to “maximise realisations for the benefits of all creditors,” says Young.
This includes five full time employees and an unknown amount of casual workers.
However, Young is seeking a buyer for the company, and says she has already been contacted by some interested parties.
The order for the Labor party was given priority by the liquidators after a commerciality assessment was carried out. Young says the order was completed over the weekend and now needs to be shipped.
“The Labor Party order was almost complete and all that was required was for it to be rolled and shipped. Rolling was to take place over the weekend and we expect shipment to occur on Tuesday or Wednesday this week,” she says.
SmartCompany attempted to contact Roller Poster but did not receive a response prior to publication.