PRESTIGE LABELS LIQUIDATES, ZERO ASSETS

Label printing business Prestige Labels & Print has been placed into voluntary liquidation by owner Gary Weinberg, owing $151,000 to creditors, most of whom are other label printers, but the company has zero in any assets for them to claim against.

Prestige was placed into liquidation with the $151,000 worth of debts, but zero cash on hand, zero cash in the bank, zero debtors, zero plant and machinery, zero other assets, and zero work in progress.

The company had been operating only as print broker in recent years. Its website was sold to Chatswood operation The Print Facility prior to liquidation. Weinberg said, "It was Covid that sent us down. Prior to that we had a good business."

Print businesses among the creditors are Permark Industries, owed $43,000, QLM Labelmakers, owed $5,400, the Works Printing owed $14,600, Inscribe Australia owed $9,800, Halley Labels owed $10,000, and Precision Engraving owed $3,900, with half a dozen other printers including DS Labels, Foxcil, Label Line, and Read Label owed various smaller amounts.

In addition to the print businesses the ANZ bank is owed $22,600, Amex $33,800 and the ATO $3,500. All creditors are unsecured.

For the past three years Weinberg has operated the business from Dover Heights in Sydney's Eastern Suburbs, prior to that it was located in the northern suburbs. He bought the company in 1999. The company itself began operations in 1979 as a labels printer.