Owed $638,962 in unpaid income tax and GST, the Deputy Commissioner of Taxation made a winding-up application on August 10 last year and liquidator PPB Advisory took control of WestonPrint Marketing.

But the company's directors were able to sell enough property to buy back the business under the name Weston & Co Publishing.

Weston and Co Publishing spokesman Barry Wilson said the events were simply poor timing.

"WestonPrint sold real estate to cover expenses, but unfortunately the ATO said it wasn't willing to wait," he said.

"If it had waited eight days, the funds would have been there."

Mr Wilson said the company had returned to "business as usual".

According to PPB Advisory liquidator Scott Pascoe's creditors report, the directors entered into a licence agreement with the liquidator from August 10 until October 31, however it was terminated on October 12 due to delays in the sale process.

After negotiation, with the directors, a second licence agreement came into effect on October 13 on the condition a formal offer was received by October 18 - the directors paid $590,279 for the business, including $70,279 in employee entitlements.

Mr Pascoe's report said WestonPrint Marketing owed $209,634 in employee superannuation, annual leave and long service leave, $613,504 to unsecured creditors, $96,553 to trade creditors and $20,000 to a secured creditor when the liquidator was appointed.

Mr Pascoe also found the company had been operating at a loss since 2009, relying on "related party creditors to fund its operations".

Weston & Co Publishing director John Weston said tough economic conditions had put the company into dire straits.

"The printing industry is going through an extremely hard time - in my 45 years in the industry, it's never been like this," he said.

The $139,355 owed to employees in superannuation has been sent to the ATO and employees can apply to have the money paid into their superannuation funds.

Mr Weston said the company had paid trade creditors to keep business relationships as normal and looked forward to celebrating the company's 150th anniversary in June 2013.

WestonPrint Marketing remains in liquidation - PPB Advisory manager Glenn Livingstone said the liquidator was still investigating WestonPrint Marketing's financial position and possible recoverable funds before sending a report to ASIC.