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TLC NSW – the $16 company goes broke owing $1.2 million

Friday, 24 September 2010
By Print 21 Online Article

Creditors left holding an empty bag as The Laminating Company (NSW) goes into voluntary liquidation reporting total assets of $16.78.

A summary of Assets and Liabilities signed by David Rogers, director, and sighted by Print21, reveals the byzantine arrangement of the well-known trade supply company, which effectively has no assets. Apart from some derisory cash there is nothing in the kitty. Employees’ entitlements are listed among the creditors as $117,489.38, although some employees were offered work with a new entity on signing an agreement.

A new company, TLC Print Finishing Pty Ltd has begun trading from the Derby Street, Silverwater premises. Samantha Rogers, wife of David, is listed as director and secretary. It is utilising the same equipment, which is held by another of the creditors, Mamers Investment Pty Ltd, of which David Rogers is also a director.

The production at the Silverwater premises has barely skipped a beat. The new company appears to have entered into the same arrangement for the use of the equipment.

The effective sloughing of the $1.2 million debt has other trade suppliers up in arms. They maintain it gives the new company an unfair competitive edge in the market. One said that they would not deal with any supplier that engages with the new company.

A creditors meeting is being held in Sydney on Tuesday at 3.00pm under the aegis of the liquidator, Nicholas Crouch, Crouch Amirbeaggi. A number of trade suppliers have indicated their intention of attending the meeting. The Australian Taxation Office may also send a representative as it is owed $262,145.

The company’s website, www.TLC.net.au is still showing The Laminating Company as operating from Silverwater. It shares the website with a Victorian company of a similar name whose director, Barry Webster, is currently overseas and unavailable. A company source said the NSW company was a total separate entity with no connections.

A call to the Sydney company produced no comment with David Rogers reportedly tied up in meetings all day and unable to respond.

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