F. Duck restaurant on Gouger St falls into liquidation, victim of COVID restrictions
A just refurbished CBD restaurant is the latest victim of the COVID-19 crisis, while an Afghan restaurant in the heart of Port Adelaide could soon hit the market.
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A recently refurbished restaurant in the heart of Adelaide’s Chinatown precinct is the latest victim of the COVID-19 crisis.
F. Duck, located opposite the entrance to the Adelaide Central Market on Gouger St, closed its doors in March when restrictions forced widespread hospitality closures across the state.
It has remained closed since, with liquidators appointed this week to wind up Wen Tin Pty Ltd, the company behind the venue.
Liquidator David Kidman from KPMG said it was too early to discuss amounts owing to creditors of the company.
“The restaurant closed in March and the owner has now decided to not reopen and to wind up the company,” he said in a statement.
“My investigations into the reasons for the company’s failure and the extent of liabilities are continuing.”
Andy Woo acquired the restaurant, then known as Fortune Duck, in 2017, before embarking on a refurbishment.
The renamed F. Duck opened at the start of last year, specialising in up-market Hong Kong cuisine in a precinct known for its cheap and cheerful eateries.
Its closure is the latest sign of ongoing difficulties in the hospitality sector caused by ongoing COVID-19 restrictions.
Other high-profile venues including the King’s Head pub and Kaffana restaurant were forced into liquidation at the onset of the pandemic earlier this year.
Meanwhile, the former Royal Arms Hotel in Port Adelaide could hit the market soon following a dispute between shareholders of the Afghan restaurant that trades from the venue.
Bernardi Martin partner Michael van Dissel said he’d been appointed liquidator of the restaurant and its landlord – two companies that shared common shareholders – on “just and equitable” grounds.
It means while the business could still be solvent, Mr van Dissel’s appointment was deemed necessary to resolve the deadlock between shareholders.
“I’m still trading the business and I’ll be looking at offering it for sale – I’m still in the process of requesting records,” Mr van Dissel said.
“At the end of the day my view would be to get the best price.”
The family behind Lawash Bakery at Thebarton took over the former Royal Arms Hotel on St Vincent Street in 2015 before transforming it into Bamyan Hotel – an Afghan restaurant with 15 guest rooms.
The Royal Arms, which first opened in 1878, had been closed for more than three years before Mehdi Ahmedi, his father, and another relative bought it.
There are fears the number insolvencies could escalate later this year when temporary measures designed to prevent Australian companies from becoming insolvent come to an end.
The measures include restricting the conditions through which creditors can initiate insolvency proceedings against companies, and increasing the time limit for action on a statutory demand for payment.
The changes have had a dramatic effect, with the number of corporate insolvencies in SA declining from a June monthly average of 43 to 18 in June this year.
The federal government is currently deciding whether to extend the measures beyond September 25, when they are due to expire.