Left side advert image
Right side advert image
Super banner advert image
Subscribe to Print Monthly's RSS feed

Enter your email address here to sign up for our weekly newsletter

More Paperlinx Europe firms in administration

Following the administration of Paperlinx UK companies earlier this month, it has now been announced that the Netherlands and Belgium arm of the paper group is following suit.

Article picture

Paperlinx’s subsidiary in the Netherlands and Belgium has followed the UK into administration

The news comes after Paperlinx solely blamed the UK businesses for its financial woes, after it reported a $28m loss in the first half of the financial year. It has been trying to sell the Belgium and Netherlands firms for some time, with no success.
 
“We deeply regret the impact this will have on employees and all stakeholders of the Benelux operations in the Netherlands and Belgium, but given the circumstances the commencement of this administration process was the only option for the local directors,” CEO Andrew Preece comments, as Paperlinx assures that it will continue to operate normally in Australia, New Zealand, and Asia.

After an extended suspension of its shares on the Australian Stock Exchange, it returned to trade today, up 0.8 of a cent at 2.5 cents as of 12.58pm (AEST).

We deeply regret the impact this will have on employees and all stakeholders of the Benelux operations in the Netherlands and Belgium, but given the circumstances the commencement of this administration process was the only option for the local directors



Administrators of Paperlinx UK, Deloitte, lists the The Paper Company Limited, Howard Smith Paper Group Limited, Robert Horne Group Limited, and Paperlinx Services (Europe) Limited as the UK businesses affected, as they continue to hunt for a buyer for the UK packaging arm that has yet to be affected by the administration.
 
In its ongoing investigation into the affairs of Paperlinx UK, Deloitte has sent out a questionnaire to creditors in a bid to ascertain information such as when they first experienced difficulty getting payment from the companies, and whether they were provided with ‘comfort, security, or assurance’ to allow continuance of credit. Deloitte also asked creditors to detail any dishonoured cheques, and any legal action taken to recover debts.

If you have an interesting story or a view on this news, then please e-mail news@signlink.co.uk

Follow Karis on:
Karis Copp’s Twitter Profile


Print printer-friendly version Printable version Send to a friend Contact us

No comments found!  

Sign in:

Email 

or create your very own Sign Link account  to join in with the conversation.


Top Right advert image
Top Right advert image

Poll Vote

How has the Brexit vote affected your firm?

Top Right advert image