ABC Print Group assets and goodwill bought following liquidation
Wednesday, August 10, 2016
Commercial printer ABC Print (Hereford) has been placed into insolvent liquidation but will continue trading "as usual" after the assets and goodwill were purchased from the liquidator by a company owned by one of ABC's directors.
A notice on The Gazette to creditors of an insolvent company of the re-use of a prohibited name stated that ABC went into insolvent liquidation on 3 August.
This follows speculation about the firm’s fate last month, after a letter to creditors from insolvency practitioner Griffin & King, seen by PrintWeek, stated that ABC’s board of directors had been instructed to “convene meetings of members and creditors with a view to placing the company into liquidation”.
The notice on The Gazette stated: "Pursuant to Rule 4.228 of the Insolvency Rules 1986, I [ABC managing director Michael Greene] give notice that it is my intention to act in one or more of the ways specified in section 216(3) of the Insolvency Act 1986, in connection with, or for the purposes of, the carrying on of the whole or substantially the whole of the business of the insolvent company under the following names: ABC Print and Supplymeprint.com."
Section 216 of the Insolvency Act 1986 restricts the use by a successor business of a similar name or trading style to that of a company in insolvent liquidation.
However, rule 4.228 states that, if the insolvent company's business is acquired from an insolvency practitioner, a director can avoid contravening section 216 by giving notice to creditors, as long as the director gives notice before they become involved in managing the successor business or before the successor uses a prohibited name.
Greene told PrintWeek a company called Knappogue, of which he is not a director, has bought ABC's assets and goodwill: "Following professional advice I have now had confirmation that the assets and goodwill of ABC have been purchased and the fabulous team of staff at ABC are in place and I'm able to confirm it's business as usual."
Knappogue was formerly known as Supplymeprint.com, one of the intended business names listed in the Gazette notice. The company, which was incorporated on 6 May 2011, changed its name to Knappogue on 2 August 2016, according to Companies House.
Knappogue has filed accounts for a dormant company each year since 2012. The firm’s only listed director is Garrett McGibney, also one of ABC Print’s three directors.
It's unclear what Greene's role will be within the new business.
Last month Greene described ABC's current situation as a "restructure", in response to speculation that the company was planning a pre-pack deal.
In October 2014 ABC Print, which at the time had 28 staff, replaced its 10-colour B3 Heidelberg press with a four-colour Ryobi 924 SRA1 press with LED-UV, moving the company into SRA1 printing for the first time.
A note in the firm’s last set of abbreviated accounts, posted on Companies House for the year ending 31 October 2015, stated that “due to ongoing significant downturn in trade and the company’s ongoing financial commitments, the directors are currently considering the future of the company”.