Printology Inc. of Richmond Hill, Ontario, has closed its doors after filing for bankruptcy on July 18 with the company having close to $2.8 million in creditor liabilities.
Of the $2.765 million that Printology (formerly Carlton Taylor Graphics) owes to creditors, only $248,000 of it is secured, while $2.485 million of the company’s outstanding liabilities lie with unsecured creditors.
Together, paper companies are owed just over $100,000 by Printology, while a press vendor is currently owed $450,000 as an unsecured creditor.
According to its Statement of Affairs, Printology holds assets of $450,000, including $350,000 with machinery and equipment, but an auction date has not yet been set.
The first meeting of Printology’s creditors is scheduled for August 7, 2012, at the office of the bankruptcy trustee, SF Partners of Toronto.