Creditors of Traxdata Wales have expressed frustration at the firms resurrection as Alpha Digital.


The assets were bought out of receivership in a management buyout, less than a week after the firm had an insolvency practitioner appointed on June 4.


Goddard Bindery Group owner Terry Goddard said: "I only heard that a receiver had been appointed when I read it in PrintWeek (15 June) and I had a court order in against it for over 4,000. It cant be right."


Goddard added: "I can accept what happened to Duncan Web, it just collapsed like a house of cards. But when firms go like this, its hard to accept."


Another unnamed creditor, which is owed in excess of 3,000, said: "It seems like the MBO was designed to simply write off a load of debt. If all companies acted like this, the whole industry would just collapse. Its the same people, in the same buildings using the same telephone number."


A letter sent to Traxdata Wales creditors from Alpha Digital asked for continued support, and said a senior management team had fronted the MBO. It said: "The buyout will increase the realisations in the Administration and reduce creditors claims."


The two companies have common directors including Christopher Dunn, Graham Dent and Gerald Curtis.


In a statement directors from Alpha Digital defended their action: "Through the MBO process we have managed to secure 70 jobs in a high-unemployment area."


In 1999 Traxdata Wales made a loss of 544,400 on a turnover of 15.8m.


Story by John Davies