DPA director speaks out over liquidation

DPA, whose directors include Kirk Peterson and Claude Lucchesi, entered liquidation with Cor Cordis on 31 August with debts over $5m. This followed the acquisition of staff, equipment and client lists by fellow Melbourne printer On Demand Printing.

One of the directors for DPA, who asked not to be named, has responded to claims from unsecured creditors who said they were "disappointed" at the outcome.

He told ProPrint the liquidation was inevitable after a series of deals to sell the company over the past two years fell through.

The director said a deal to sell DPA as a going concern in late 2009 - which would have settled the debts of DPA's creditors - fell apart after the suitor pulled out at the last minute.

He claimed another potential buyer pulled out unexpectedly in June this year, leaving On Demand's bid as the only remaining offer.

"We have done everything in our power to do everything right for everyone," he said. "The efforts we've gone to are just unbelievable."

The director also responded to claims from several creditors who told ProPrint they had been given verbal assurances their debt would be repaid. He said DPA made these pledges when it was on the brink of securing a sale.

"Those comments were made when everything looked rosy," he said.

The director also pointed out that the largest unsecured debts were to companies associated with the directors of the company.

The creditors report shows that DPA Investments Pty Ltd is owed over $1.8m, while the JP Lucchesi Family Trust, CRL Family Trust and Peterson Family Trusts are owed over $144,000, $74,000, and $259,000 respectively.

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