Original article by David Ross
The Australian – Page: 13 & 19 : 12-Jan-21
Listed printing and marketing services firm Ovato has attracted further scrutiny over its restructuring plan. Taxpayers will bear most of the cost of 330 redundancies at Ovato, via the federal government’s Fair Entitlements Guarantee scheme; this follows the company’s decision to transfer these workers to corporate entitles that have insufficient funds to pay creditors. Members of the print industry have described Ovato’s restructuring plan as an ‘asset strip’, while Print & Visual Communication Association president Walter Kuhn says the government should have stepped in and insisted that Ovato must pay all redundancy costs.
OVATO LIMITED – ASX OVT, PRINT AND VISUL COMMUNICATIONS ASSOCIATION