The Herefordshire-based business, which was placed into insolvent liquidation last month, owed £1,022,308 to unsecured, non-preferential creditors according to the statement of affairs posted by insolvency practitioner Griffin & King. The total came to £1,303,936 Including preferential creditors.
Total assets available to unsecured creditors came to £215,211, with HMRC owed £48,472 in PAYE payments and £50,871 in VAT. Employee and pension claims totalled £333,913 while ABC Print managing director Michael Greene was owed £220,581.
Trade creditors, including various printers, finishing companies and mailing houses, were owed more than £150,000 in total while manufacturers and suppliers were owed more than £110,000 with Antalis, which was owed £58,991, taking the biggest hit.
The book value of the company’s plant, machinery and equipment came to £1,323,171 and this was estimated to realise £160,000 and £500,000 separately for preferential creditors Clydesdale Finance and Close Brothers Asset Finance, leaving a deficiency to those creditors of £30,000 and £300,000 respectively.
The firm’s assets subject to floating charge, including plant, machinery and equipment, motor vehicles, stock and work in progress, book debts and balance at the bank left £281,628 estimated total assets available for preferential creditors. Its liabilities to preferential creditors included employee claims of £43,569 and pension contributions of £768.
£22,080 was owed to preferential creditor Knappogue, the business that bought ABC’s assets and goodwill from the liquidator and whose only listed director at the time of purchase was Garrett McGibney, also one of ABC Print’s three directors.
Knappogue, which was incorporated in 2011, was formerly known as Supplymeprint.com and changed its name to Knappogue on 2 August 2016, according to Companies House, the day before ABC Print fell into liquidation.
On 11 August, following the purchase of ABC’s assets and goodwill, Knappogue’s name was changed back to Supplymeprint.com, Greene became a director of the business and its registered address was changed to the former registered address of ABC Print.
Greene told PrintWeek: "Professional advice was sought following some unprecedented issues.
"I considered many options but after securing the support of most of our suppliers, all of whom will be compensated if they incurred any shortfall, and then ensuring our future model was aligned with the business plan, I was in no doubt that with a pragmatic approach it was the right decision to go forward.
"In doing so we have secured employment for a fabulous hard working team here and I'm delighted to say our loyal customers are keeping us very busy. The future's positive and exciting, and I look forward to the challenges ahead in this industry."
