Mystery surrounds the status of Reacon Holdings Pty Ltd (formerly Bridgestone Investments Pty Ltd) - the company that had a meteoric rise under entrepreneur Jahangir (Jay) Khan and hit the headlines at drupa 2024 with an approx. $3 million order for a Fujifilm Jetpress 1160CF high volume inkjet press.
A Fujifilm JetPress 1160CF continuous-feed inkjet press similar to the one installed by Reacon last year.
The Reacon Group website says it has operations in Sydney, Canberra, Melbourne, Auckland, Kuala Lumpur, Manilla, Lahore and Hong Kong.
Reacon CEO Jahangir Khan
Only Reacon Holdings Pty Ltd, Australia, appears to have been de-registered. In July 2024, it was announced that Reacon Group would acquire 100% of Horizon Print Management Pty Ltd, adding to other acquisitions that included mmw3degrees (mail marketing works); Digital Press, Express Print International, Paragon Australasia, Indigo Print, Copiworld.
In March 2024, Reacon filed to change its name again (having changed from Bridgestone Investments 3 years earlier), but this was not approved by ASIC under 205Z of the Companies Act.
The drupa-ordered inkjet JetPress 1160CF is believed to have been installed at Reacon subsidiary mmmw3degreed in Rhodes, NSW.
Why companies are de-registered by ASIC
De-registration by ASIC is generally because a company has not returned its annual documents, paid its fees or owes GST, Tax and/or Superannuation levies. Also, in certain circumstances, companies allow de-registration to occur rather than appoint and pay for a liquidator/administrator, who may not perceive any return for their work in any case. This has been exploited by other companies in order to 'phoenix' in the past. There is no suggestion that this is happening with Reacon.
According to regulatory and government law expert Murrayslegal, if a company is de-registered:
"As to the position of creditors, “ … both employees and general unsecured creditors … are in a difficult position. They will need to fund the company’s liquidation themselves if they hope to recover anything of what they are owed, and risk further losses if it eventuates that company has no assets. As a result, many of these creditors do nothing, and the abandoned companies are eventually deregistered by ASIC for failure to return documents or pay annual fees.”
There is no record of a liquidator or administrator being appointed to Reacon Holdings.
Staff let go, new hires not started
Sources close to Reacon say that several senior staff have been 'let go.' A newly recruited senior emplyee turned up for work on his first day and was refused a start.
Reacon Group's head office is still listed as: Suite 1102, Level 11/201 Miller St, North Sydney NSW 2060 but calls to their number return 'not in service at this time.' Reacon's website is still operational at time of writing. at www.reacongroup.com/
It is a mystery at this stage as to who, or what corporate entity, is running the businesses in Sydney, Canberra and Melbourne.
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