Collapsed digital printer On Demand will continue operating for at least another three weeks as the administrator investigates debts running into hundreds of thousands of dollars.
The Port Melbourne-based business - owned by sole director Michael Wu and once described as Australia's largest digital printer - went into administration on 22 July, with about 25 workers from a total of 50 losing their jobs.
The business has remained open under an interim services agreement signed with Docklands Ability Group - the same company that Wu was a partner in until last month when he was reportedly 'dismissed' after a dispute with co-owner brothers Moody and Abbey Aboughattas, who accused Wu of misrepresentation.
A group of unhappy creditors and sacked workers turned up at the first creditors' meeting at the offices of Rodgers Reidy in Melbourne on Wednesday.
Administrator Mathew Gollant released a brief statement after the meeting:
1. I will remain administrator of the company.
2. The administrator continues to seek expressions of interest from interested parties.
3. A second meeting of creditors to be held on 26 August will decide the future of the company.
The interim services agreement with Docklands Ability Group will continue for at least another three weeks until the second meeting of creditors.
Gollant said some of the employees made redundant should be able to access federal government entitlements "in due course." The Fair Entitlements Guarantee scheme covers unpaid entitlements to eligible employees who lose their job due to the liquidation or bankruptcy of their employer.
Gollant said earlier that the company's debts ran into "hundreds of thousands of dollars and maybe more." Major creditors include Canon, HP and paper companies BJ Ball, KW Doggett and PaperlinX (Spicers).
"Our investigations are continuing and Michael Wu, as sole director, is assisting us with our inquiries," he said.