By Wayne Robinson | 20 January 2021
One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m.
Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being offered for sale on a sale or DOCA basis.
Magnify has known debts to unsecured creditors of $3.6m. Major creditors include the ATO which is owed $1.23m, Billboard Media owed $528,000, Freight Focus Management owed $474,000, HP owed $234,000, and Celmac, owed $228,000.
In addition, Magnify owes $1.13m in unpaid priority employee entitlements, including around $500,000 in unpaid…
Read the full article at: https://www.print21.com.au/sign-and-display/magnify-media-in-admin-as-debts-mount