An Ontario printing company in Mississauga has filed for bankruptcy, and as a result, other printing companies in nearby Stoney Creek may want to take heed of what this means for their own business viability. Quality Offset Printer, sometimes abbreviated as QOP, recently filed something known as a Notice of Intention for the purpose of reconstructing. In layman’s terms, this is their way of winding down their operations as they prepare for bankruptcy.
The trade printer has been in operation since the year 1988, and its Notice of Intention to file a proposal for restructuring its business is being done under the Bankruptcy and Insolvency Act. The trustee in the proposal of Quality Offset Printer is none other than BDO Canada. Quality Offset Printer is expected to file its bankruptcy proposal by the middle of November, but this is by no means a certainty since it can also ask for an extension from the courts.
BDO Canada calls itself a major consulting and accounting firm in Canada. It is the sixth-biggest such firm in the country, and it operates 95 offices with 2400 professionals and partners across the land.
Quality Offset Printer is a small business with a staff of just under 40 employees, and it is functioning with minimal staff as it is in the process of winding down its operations.
With business conditions for printing companies not being so favorable in Mississauga, nearby Stoney Creek-based printing companies should be wary of the economic situation in the region that has forced the imminent bankruptcy of this trade printer.
