SunEnergy collapsed owing $2.9m but business trades on under wife’s name

Norwood solar company SunEnergy owes $2.9m to creditors including $1m to employees, its liquidator says, but continues to trade under a company run by the director’s wife.

Norwood-based SunEnergy is in liquidation.

Norwood solar company SunEnergy, which collapsed in August, owes almost $3m to creditors including more than $1m in unpaid superannuation to employees, but the business continues to trade under a company run by the director’s wife.

A liquidators report from Oracle Insolvency Services says SunEnergy Company owes $1.07m to employees, $781,933 to secured creditors, and $993,830 to statutory creditors including the Australian Taxation Office (ATO).

None of the creditors should expect a dividend from the liquidation of the company, the report says, with the company having just $6101 in cash.

The report says the ATO has also lodged a proof of debt for $1.07m “in relation to the Superannuation Guarantee Charge (SGC) for the period July 1, 2017 to March 31, 2024’’.

Chantha Lake - SunEnergy Director

“It is likely that this debt will increase because of further SGC owing for the period 1 April 2024 to the date of my appointment,’’ the report says.

In addition to the unpaid superannuation, the report says the ATO is claiming it is owed another $759,311.

“RevenueSA has also submitted a proof of debt in respect of outstanding payroll tax for the period July 1, 2024 to August 29, 2024 in the sum of $232,192.38,’’ the report says.

SunEnergy Company, which had as its sole director Lee Lake, was placed in liquidation on August 30, while related company, SE Solar and Electrical, was placed in liquidation in March.

But a solar business with the same trading name, SunEnergy, is still operating from the Fullarton Rd headquarters.

A separate company, SunEnergy Group, was incorporated on May 22, and on July 2 Mr Lake’s wife, Chantha Lake, was appointed as its sole director.

SunEnergy Group is listed on the company’s website as its owner and Ms Lake is listed as the director on the company’s website.

SunEnergy Group is in turn owned by SE Assets Pty Ltd, which Mr Lake was previously the sole director of, until his wife assumed the directorship on October 29.

That company is itself owned by four other entities, one of which Mr Lake is the sole director of.

The liquidator’s report acknowledges that the business was transferred and is now being operated by the company run by Ms Lake.

The report says the adequacy of any payment made for the transfer has not been determined.

Oracle partner Dominic Cantone says in his report that it was likely the company had been trading while insolvent.

“Given the quantum and ageing of the debt due to the ATO, it is likely that the company was insolvent for a period prior to my appointment and that the director allowed the company to continue to trade whilst it was insolvent,’’ the report says.

“However, before instituting any insolvent trading claim against the director, it is prudent to consider whether the director has the means to meet any claim that could be brought against him.

“My investigations to date have identified that the director is not a registered proprietor of any residential property in South Australia.

“ In addition, there are insufficient funds currently in the liquidation to indemnify me for the significant costs of investigating whether there is a claim against the director for insolvent trading and pursuing the claim if appropriate.’’

Mr Cantone says in the report that he has reported his findings to the corporate regulator ASIC, and ASIC has requested further information.

No action has been taken by ASIC against any individuals.

The builder’s licence of SunEnergy Company was cancelled by Mr Cantone, however a search of Consumer and Business Services files shows that Ms Lake was granted a builder’s licence on June 12 in the name of SunEnergy Group, allowing that company to carry out electrical and solar installation work.

The Advertiser has tried to contact Ms Lake several times with no success.

Mr Lake could not be contacted.

Originally published as SunEnergy collapsed owing $2.9m but business trades on under wife’s name