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Creditors chase Lamb Print for payment

Tuesday, 27 March 2012
By Print 21 Online Article

Industry suppliers are calling for a full and transparent review of Lamb Print’s merger with Vanguard Press and subsequent distribution of funds after Monday’s creditors meeting.

Disgruntled industry suppliers led the charge in demanding a full accounting of the way that some of the company’s assets were sold only weeks before it went broke. In the lead up to the first official meeting, there was a call for the unsecured creditors to appoint their own administrator rather than the company appointed BRI Ferrier. This did not get up but there is determination to hold the administrator to strict account..

Creditors, who include paper companies and local printers are now seeking a clearer understanding as to what happened with the business. The merger deal with Vanguard Press was concluded in September 2011, yet it wasn’t made public until 31 December.

Creditors say they were given the impression at that time that 100 cents to the dollar would be paid; they would just have to sit tight as Lamb Print got organised.

When contacted by Print21 the administrator was unavailable for comment on the meeting.

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