43 Qld companies collapse into administration, liquidation
A leading liquidator said government support for businesses struggling with the coronavirus pandemic was merely a “Band-Aid on a bullet hole” with 43 Queensland companies collapsing into administration or liquidation in July. SEE THE FULL LIST.
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GOVERNMENT support is acting as a “Band-Aid on a bullet hole” and is unable to save hundreds of companies from collapse, a leading liquidator has warned.
There were 43 Queensland companies which collapsed into liquidation or administration in July.
Brisbane insolvency expert Chris Baskerville of Jirsch Sutherland said despite fewer company liquidations the nation was still heading towards mass closures within months.
“It will be the deepest recession we’ve had in nearly three decades,” he said.
“But it doesn’t make any sense, we’re in a recession and insolvency numbers are down 40 per cent.”
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Mr Baskerville said the government’s JobKeeper payment, temporary laws allowing business owners to trade while insolvent and debt deferral wouldn’t stop an “insolvency tsunami” from crashing in September.
“It’s a bandaid on a bullet hole,” he said.
“Things are going to start getting tougher.”
Mr Baskerville said the government’s “artificial stimulus” would eventually end the run of many businesses who are unable to survive the global economic downturn.
“We’re not talking about a micro issue here,” he said.
“All international economies fell off a cliff at the same time … and it’s going to be some time before things recover.”
Among the 43 Queensland companies tipped into the hands of administrators in July was historic building business Belazzo Homes, global phone company Travel SIM and training organisation All Trades Queensland.
Belazzo Homes, a 73-year-old company, owed about 61 secured and unsecured creditors $441,513.
Gold Coast international phone company TravelSIM owes a staggering $2.2 million to workers and creditors.
The 43 collapses are fewer than June, when 63 busted.
The numbers remain below the average monthly collapses, which hovered around 100 per month before COVID-19.
SM Solvency liquidator Brendan Nixon believes the looming “insolvency tsunami” predicted for October would not come until June 2021, with lead-up to Christmas this year resulting in high consumer spending.
COMPANY LIQUIDATIONS
Redlaw Australia Pty Ltd
ACN: 168 908 450
Yorktor Pty. Ltd Trading As Farmers Arms Hotel Newry
ACN: 011 018 385
Beyond Air Technologies Pty Ltd
ACN: 620 503 451
Grayson Haulage Pty Ltd
ACN: 117 639 826
Verdica Pty. Ltd
ACN: 163 851 198
Qlsa Group Pty Ltd
ACN: 610 595 563
Smg Investment Holdings Pty Ltd
ACN: 620 779 295
Aboriginal & Torres Strait Islander Corporation For Disable And Respite Care
ACN: 000 000 697
Retail Marketing Australasia Pty Ltd
ACN: 604 297 403
Screen Australia Pty Ltd
ACN: 628 587 042
ACN 154 776 575 Pty Ltd Formerly Known As Cairns Nuclear Medicine Centre Pty Ltd
ACN: 154 776 575
167 404 122 Pty Ltd Formerly Known As Mt Sheridan X-Ray Pty Ltd
ACN: 167 404 122
Irene Vassilakos Properties Pty. Ltd.
ACN: 053 648 730
My Life Support Services Pty Ltd
ACN: 125 183 360
Cactus Jack’S Redcliffe Pty Ltd
ACN: 162 464 655
Townsville Scrap Car Removals Pty Ltd
ACN: 633 223 337
Marth Holdings Pty Ltd
ACN: 603 680 520
Anvic Holdings Pty Ltd
ACN: 165 170 310
Back In Action Chiropractic Clinics Pty Ltd
ACN: 619 099 802
Gyndum Pty Ltd
ACN: 010 581 816
D P & C Ryan Pty Ltd Formerly Trading As Global Travel & Cruise
ACN: 146 330 047
TPBB Pty Ltd
ACN: 164 479 314
Projek Agencies Pty Ltd
ACN: 143 483 701
Sclh Pty Ltd
ACN: 617 355 012
Trevanion Enterprises Pty. Ltd. Trading As Yum Yum’S Food Services
ACN: 118 700 673
A.C.N. 634 808 101 Pty Limited Trading As Formerly Known As South Stradbroke Restaurants Pty Ltd
ACN: 634 808 101
Arshad Developments Pty Ltd,
ACN: 098 863 097
Trinity Green Developments Pty Ltd Atf The Trinity Green Developments Trust,
ACN: 142 927 277
Belazzo Homes Pty Ltd
ACN: 605 717 744
Gph Projects Pty Ltd
ACN: 088 380 296
Idm Partners Pty Ltd
ACN: 121 421 056
Plaster Warehouse Pty. Ltd
ACN: 127 339 4950
Bylaser Group Pty Ltd
ACN: 145 926 889
Bylaser Holdings Pty Ltd
ACN: 145 927 644
Burling Investments Pty Ltd
ACN: 009 779 917
Mg Constructions (Qld) Pty Ltd
ACN: 113 984 795
Few And Far Collective Pty Ltd
ACN: 168 084 946
Da. Met Marine Pty Ltd
ACN: 154 058 947
COMPANY ADMINISTRATIONS
All Trades Queensland Pty Ltd
ACN: 115 379 461
Palm Beach Developments Pty Ltd
ACN: 101 716 081
House Spaghetti Pty Ltd trading as “Spaghettihouse”, “The Spaghettihouse”, and “The Spaghetti House Trattoria”
ACN: 602 259 192
Queensland Heritage Pty Ltd
ACN: 164 808 879
Travelsim Australia Pty Ltd
ACN: 122 348 234