31 October 2018
MFM and Pyxalis Go Into Bankruptcy
RICHMOND HILL (ONT.)—
After only 2 years files for bankruptcy
After only 2 years files for bankruptcy
In a double bankruptcy MFM Graphic Design & Print and Pyxalis Inc have both closed. MFM which had a 6 colour 40" had let staff go several months ago. Pyxalis which owned MFM closed down at the being of October and filed for bankruptcy. Pyxalis which was located beside MFM bought MFM several years ago. Pyxalis was wide format and digital printing. MFM was started back in 1984 was offset.
 
Started by Martin Foy than sold to Steven Ralph than to Pyxalis.
Started by Martin Foy than sold to Steven Ralph than to Pyxalis.
Pyxalis owed almost $3 million with assets of about $400,000. Unsecured creditors were owed about $1.5 million. The two largest secured creditors were the former partners Barrie Williams and Ron Morgan of $900,000. They had the equipment, receivables and inventory as collateral. No indication of what will happen with the assets. 
Comments:
4. Legman says:
7 November 2018 at 10:31 AM
leave the suppliers with a debt
3. Disgruntled says:
5 November 2018 at 11:03 AM
What a business plan....bleed it dry and let it burn...
2. Dutchy says:
3 November 2018 at 11:24 AM
Gold old Ron. Accuity, Peel Graphics, Morgan Graphics. Probably a few more too.
1. Again ? says:
1 November 2018 at 10:57 AM
Ron has the touch
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legman says:
leave the suppliers with a debt...
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