Qld insolvencies rise 36 per cent in April as JobKeeper ends
A high-profile building company was among the 60 Queensland firms collapsing last month as the end of subsidies such as JobKeeper put increased pressure on finances. See the list.
QLD Business
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High-profile building company PlanBuild and a famous North Queensland restaurant were among the Queensland firms that collapsed last month as the end of subsidies such as JobKeeper put increased pressure on finances.
The number of Queensland companies that had liquidators or administrators appointed during April increased 36 per cent to 60 from 44 in March.
SM Solvency Accountants partner Brendan Nixon said he was surprised business failures had not increased more to date due to the impact of COVID-19. Insolvency experts warned last year of a “tsunami” of company collapses due to the pandemic.
“There has been an increase in inquiries but it’s not where it was pre-COVID,” said Mr Nixon. He said few businesses were being actively chased by creditors or the Australian Taxation Office (ATO), noting the impending resumption of claims from tax collectors would not show up in insolvency numbers for several more months.
“I understand the ATO is due to resume its debt collection activities before 30 June,” he said. “The ATO will be ramping up its debt collection and audit activities in the next couple of months and then there’ll be a delay of 3-6 months before statutory demands, which puts the pressure on directors to make the hard decisions about their company.”
Mr Nixon said liquidating a company was sometimes aimed at preventing legal claims against directors and the firm.
“It might be construction companies which are concerned about warranty claims, or which are in legal proceedings and have run out of funds,” he said.
Richard Albarran, Kathleen Vouris and Marcus Watters of Hall Chadwick took control of the Kedron-based company that has been the subject of complaints to the Queensland Building and Construction Commission (QBCC) about unfinished projects. The company has told several clients in recent weeks it is “shutting down its business”.
Liquidator Roger Grant, of Orange Tree Insolvency, said the company owes creditors an estimated $566,000, including about $100,000 to the Australian Taxation Office.
Company directors Geoff Parmenter and Alison Diamond have told customers they gave it “their best shot” but in the current climate they could not keep the doors open.
Another leading liquidation expert Jarvis Archer, of Brisbane-based Revive Financial, said many companies had been kept alive in order to receive final government stimulus measures before being shut down.
Mr Archer said that where a company did not have sufficient assets to meet the costs of liquidation, business owners may advance funds personally to meet the liquidator’s minimum fee. Liquidation prices can start from around $5,500 for a straightforward liquidation.
LIQUIDATIONS (56)
Hari Om Pizza Pty Ltd
ACN:603 199 659
Vision Roofing & Plumbing Pty Ltd
ACN:140 725 873
HD Landscapes Pty Ltd trading as HD Landscapes
ACN:610 151 338
Chris Dunn Civil Construction Pty Ltd
ACN:621 533 784
Grantham Pastoral Co Pty Ltd
ACN:009 660 502
Hemmant Concrete Pty Ltd
ACN:623 349 511
Gold Coast Flooring Solutions Pty Ltd
ACN:610 460 949
Philngox Medical Pty Ltd
ACN:148 170 165
Integrity Computing Pty. Ltd.
ACN:088 632 035
Masterplan Electrical Pty Ltd
ACN:613 237 228
M51A Contracting Pty Ltd
ACN:166 748 821
DRS Group Remediation Pty Ltd
ACN:632 642 516
Dody Ivy Pty Ltd
ACN:630 112 793
Scope Plastics Pty Ltd
ACN:128 631 274
Willow Inlet Pty Ltd (In Liquidation) trading as On the Inlet
ACN:103 282 275
All Network Connections Pty Ltd
ACN:619 645 653
Kamz Delivery Pty Ltd
ACN:612 613 386
Valueroad Aus Pty Ltd
ACN:609 797 711
Kamz Delivery Pty. Ltd.
ACN:612 613 386
Auspol Retail Pty Ltd (In Liquidation) trading as Only Specialty Coffee
ACN:619 224 878
Emergency Risk Management Qld Pty Ltd
ACN:168 380 309
TLJC Investments Pty Ltd, formerly trading as Pinapple Express Portside
ACN:633 150 213
Everything Foam Pty Ltd, formerly trading as Century Foam and Rubber
ACN:628 161 562
CKH Enterprise Pty Ltd
ACN:607 564 036
Carrara Catering Services Pty Ltd
ACN:062 315 637
ET Design & Engineering Pty Ltd, trading as Tri Puff
ACN:129 845 647
Organic Index Pty Ltd trading as former business name: Conscious.kin
ACN:608 889 890
Planbuild Homes Pty Ltd
ACN:105 642 617
Formway Asset Holdings Pty Ltd
ACN:624 388 969
FG Pty Ltd
ACN:134 652 716
Formway Group Metering Pty Ltd
ACN:140 782 421
Formway SA Services Pty Ltd
ACN:629 482 266
CJ & Charlie Pty Ld trading as Sam’s Wine Bar
ACN:641 940 703
John Page Motors Pty Ltd.
ACN:009 689 169
M-4S Security Pty Ltd
ACN:610 208 225
Pacifique Investments Pty Ltd
ACN:010 837 108
Chopped Food Brisbane Pty Ltd
ACN:603 185 244
Dixon Properties Pty Ltd
ACN:009 917 328
CITI MANAGERS PTY LTD
ACN:624 831 303
Bateman Property Group Pty Ltd trading as Bateman Property Group
ACN:617 259 364
Coffee Depot Kapsali Pty Ltd trading as Coffee Depot Kapsali
ACN:618 169 645
Xenie Pty Ltd trading as Coffee Depot
ACN:164 046 351
5D LOGAN PTY LTD
ACN: 634 954 171
Eco Cladding Pty Ltd
ACN:150 092 916
PLATINUM RISK PROTECTION PTY LTD trading as ‘PLATINUM RISK PROTECTION PTY LTD’ AND ‘CLEVER PENNY ‘
ACN:156 231 462
K & D Robinson Enterprises Pty Ltd
ACN:162 640 888
EAST GATE FOODS PTY LTD
ACN:625 900 496
OCEAN SKY EXPRESS PTY LTD
ACN:163 843 221
CARNZ RESTAURANT SERVICES PTY LTD
ACN:643 558 543
Total Blox Pty Ltd
ACN:128 191 622
A.C.N. 617 675 206 trading as formerly trading as Omada Services
ACN:617 675 206
Auswheel (QLD) Pty Ltd
ACN:160 434 891
The Property Bar Pty Ltd
ACN:614 275 544
GLXESS Pty Ltd
ACN:167 486 633
Stonehaus Pty Ltd
ACN:624 326 263
Firehaus Pty Ltd
ACN:636 520 191
ADMINISTRATIONS (4)
Kami & Co Pty Ltd trading as Formerly Trading As Chop Chop Sushi, BurgerTime 69 Redcliffe and My Greek Cuzina Redcliffe
ACN:162 362 147
Euneeke Cattle Company Pty Ltd (Administrator Appointed)
ACN:112 009 097
Iker Pty Ltd (Administrator Appointed)
ACN:126 182 518
McKenzie Bulk Haulage Pty Ltd (Administrator Appointed)
ACN:122 099 058
Administrations (3)
McKenzie Bulk Haulage Pty Ltd (Administrator Appointed)
ACN:122 099 058
Iker Pty Ltd (Administrator Appointed)
ACN:126 182 518
Euneeke Cattle Company Pty Ltd (Administrator Appointed)
ACN:112 009 097
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