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The statutory Report on Company Activities and Property has been released in relation to Starleaton Holdings, in administration. The report from Cathro & Partners to creditors is in preparation and should be available very shortly.
Once mighty, now insolvent, Starleaton HQ, Artarmon NSW
While more analysis is called for, Starleaton’s financial position appears shakey.
Total amount owing is listed at $17,459,425 – about $17.5 million.
Owed to Starleaton and recoverable for creditors, is estimated at around $1.9 million, but the majority of ‘owings’ is via related and inter-company loans totalling about $6.5 million with founders Peter and Leanne Eaton personally owed around $5.4 million. Interestingly, the company name Starleaton Pty Ltd is still registered to P&L Eaton and not in administration.
Fixed assets are negligible at around $400,000 but even this is dependent on the true realisable value of IT systems, furniture and the e-commerce website. Stock value is estimated at $4.3 million but much of this is borrowed against with PMSI (Purchase Money Security Interest) Creditors, who are first in line of the ordinary secured creditors. Besides, stock was recently offered by Starleaton at anything up to 50% discount.
Starleaton’s debtor book invoices were factor-financed by Octet Finance to the tune of around $1.4 million and some of those debts are unrecoverable because they are owed by companies who themselves are in liquidation, such as Shout Media and Pressfast.
The ultimate holding company of Starleaton is SDS Bidco Pty, also in administration. Starleaton Holdings owes SDS Bidco about $6.5 million. The other creditors are Eaton family members via investment vehicles, Octet and the NAB for a total of $14.9 million owing.
Creditors - employees suffer
The most distressing group of creditors are former employees. It appears that Superannuation SGL payments have not been paid for some time. When Unpaid wages, Long service leave, Annual leave are added, it totals $596,405 owed to employees.
Other major creditors (rounded) listed include:
ATO (Tax Office) $623,634
Canon CPP $512,000
AMEX $474,000
Zund $385,000
Neschen $355,000
Elof Hannson $123,000
MLC Super $122,000
Epson $ 92,000
Ball&Doggett $ 85,000
Felix Schoeller $ 53,000
State rev Q,WA,Vic $ 42,000
Neenah Paper $ 47,000
Permalite $ 36,000
Hahnemuhle $ 30,000
Mimaki $ 27,000
And a host of others.
The full Cathro report to creditors will be released this Thursday 15th February and published here.
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Digitization of Packaging is a great opportunity at drupa, says Dr Sean Smyth – Analyst & Consultant with research group Smithers. Inkjet looms large across all applications but HP Indigo liquid toner is holding its own, as is dry toner at the lower end.
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Once one of the most successful 64" wide format signage printers, the OKI M64 and W64 (formerly Seiko ColourPainter) sill has a loyal following - here's where to find ink for them.
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With all the ASGA lawn bowls events in multiple states, it's easy to forget that there is still a vibrant golfing community in the industry! ASGA is pleased to announce upcoming 'Flog' days, the next being in NSW on 14th March.
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Visual Connections has finalised its Board for 2024, with the new-look leadership group gathering this week to formulate the supplier association’s strategy for the next five years. Board Members attended the strategy session retreat, which was convened to set the direction for the supplier association into the medium-term future, guided by its mandate to support a sustainable future for the sector.
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SCREEN Graphic Solutions Co., Ltd. has finalised the development of its new Truepress JET 560HDX roll-fed digital inkjet press. The system will join Screen GA’s lineup for the commercial printing, direct mail, and publishing printing markets.
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FESPA has confirmed the programme for its first Sportswear Pro conference, taking place on 21st March 2024, during the main Fespa event at RAI Amsterdam, The Netherlands. Delegates will learn about the latest developments in the burgeoning sports and active-wear manufacturing, as well as cutting-edge innovations used in on-demand, customised sportswear production.
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Roland DG Corporation, has announced that the VersaSTUDIO BY-20, launched on January 16th, 2024, has received a Buyers Lab (BLI) 2024 Pick Award from Keypoint Intelligence for Outstanding Desktop DTF Printer. It is the first desktop DTF (Direct-to-Film) printer to earn the esteemed award in Keypoint Intelligence’s inaugural DTF awards cycle.
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The Print, Graphics and Signage industry remains in shock and mystified by the voluntary administration of Starleaton and associated companies from 19th January this year, at a time when most suppliers appear to be doing well, in a sector that is growing faster than any other in the graphic arts. Andy McCourt updates the situation.
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With an impressive line-up for the 'drupa cube,' the May-June expo has highlighted the most important trends in the printing industry, examining and evaluating them from different perspectives in an interdisciplinary manner. At drupa 2024, the cube will once again be the central discussion forum for print and packaging leaders.
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Australia and New Zealand’s leading fashion and lifestyle platform, THE ICONIC, in partnership with First Nations Fashion + Design (FNFD), a national body for First Nations creatives, is proud to announce the launch of a new collection from three First Nations brands.
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With only six weeks to go before FESPA Global Print Expo opens its doors in Amsterdam, Swiss finishing manufacturer Zünd has announced its plans, under the theme 'making digital cutting pay off.' Zünd is exhibiting on stand D40 in Hall 1 of Fespa.
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Konica Minolta Australia and Konica Minolta New Zealand has strengthened its market position with Melissa Dempsey’s appointment to the role of chief marketing officer.
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In new research from the Ai Group, available as a free 48-page report, it finds most businesses feel positive about the transition to a 'clean economy' but many are only in the early stages of thinking about the skills and capabilities they might need to seize the opportunities.This is of particular interest to the Sign, Display and print-related sector.
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It's a busy start to the week for ASGA with three announcements of important industry events. Entries for the 2024 Awards are now open, there is a free workshop on March 16th and a Melbourne social bowls gathering on February 16th.
- Chamton art prints & framing finds Mutoh 1638UH install has accelerated business
- Xaar's ultra-high-viscocity printheads enable ink advancements and applications
- Printing United Alliance announces ground-breaking new G7+ colour calibration
- Adelaide's CityWest Print & Office Supplies converts to Minuteman Press franchise
- Agfa and EFI in major global strategy partnership
- Starleaton - meeting of creditors in on Weds 31st Jan via MS Teams
- Canon adds more speed and image longevity to imagePROGRAF GP Series
- Visual Impact Expo, Brisbane, shaping up for success
- Roland DG announces new benchtop UV object printer
- LIA (NSW) to hold site tour at Cactus Imaging, followed by dinner
- AiG and employer groups say Albanese's tax changes are 'a mess'
- Agfa attacks 3.2 meter superwide sector with 70% faster Anapurna
- 'Bowl' into 2024 with ASGA Social Events
- Epson enters desktop UV market with A4 SureColor V1060 object printer
- Fiery announces XF8 version of popular front-end Rip & Workflow
