High profile Melbourne wide format printer Magnify Media will be wound up and liquidated after suffering a severe business downturn in 2020 caused by Covid-19 restrictions.
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| Magnify Media, Murphy Street, Richmond VIC |
With reported debts of more than $5 million, the Richmond-based company called in administrators from Cor Cordis late last year. Major creditors included the ATO, industry suppliers and company employees.
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| Magnify MD John Duplock (2011) |
A second meeting of creditors last month considered a statement by the administrators before voting on whether it would be in the creditors' interests for the company to execute a deed of company arrangement (DOCA) or whether it would be in their interests for the company to be wound up.
Late last week, the administrators announced Magnify would be voluntarily wound up after more than 20 years in business.
A statement posted on the ASIC site on Friday said: “Notice is given that, on the resolution date set out below [04 February 2021], the Company is taken, because of paragraph 446A(1)(a) to have passed a special resolution under s491 that the Company be wound up voluntarily.”
The company, led by managing director John Duplock, was a fast-growing, wide format pioneer when it purchased its third HP Scitex FB7600 at drupa 2012.
“Large format digital print is not for the faint of heart or fly-by-nighters,” said a statement posted some time ago on the Magnify website.
The liquidators are Sam Kaso and Glenn Spooner from Cor Cordis in Melbourne. Contact person is Jerome Miranda at Cor Cordis on (03) 8320 5626 or email jmiranda@corcordis.com.au
