Months after being hit with a wind-up application by major creditor the ATO, Adelaide sign business Swift Signs has decided the company will be wound up voluntarily.
Swift Signs, based in the inner eastern Adelaide suburb of Stepney - and not to be confused with Swift Signs of Melbourne - went into administration in October 2020 after the Australian Taxation Office (ATO) continued an application in Federal Court to wind up the business. The ATO action came several months after the company faced a separate winding up order application by another creditor, Ramair Packaging.
Swift Signs remained open for business as the administrative process took its course.
Administrator Trent McMillen of Sydney-based MaC Insolvency called a creditors meeting in Adelaide on 12 November to receive a report about the current financial circumstances of the company. Creditors were be asked to vote on: whether it would be in the creditors' interests for the Company to execute a deed of company arrangement (DOCA); whether it would be in the creditors' interests for the administration to end; whether it would be in the creditors' interests for the company to be wound up.
An ASIC notice posted on Wednesday announced: Notice is given that, on the resolution date set out below [27 January 2021], the Company is taken, because of paragraph s446AA(1)(a) to have passed a special resolution under s491 that the Company be wound up voluntarily.
Swift Signs was established in 2009 by director Luke Knight. It offered a full range of signage work, including large format digital printing, vehicle graphics, shop fronts, banners, light boxes and real estate signs.
The company has been contacted for comment. The business phone rings out.