Warning of ‘insolvency avalanche’ as 73 Qld businesses collapse

A national insolvency firm says the government’s financial support, while welcome, could create an ‘avalanche’ of company collapses when the money runs out.

DOZENS of Queensland businesses have collapsed and others remain on the brink amid new warnings of an “insolvency avalanche” occurring within months due to the coronavirus.

Data on the collapse of Queensland companies in March reveals few industries have been spared.

On March 11 Brisbane’s MTG Group, trading as Adventure Free Tours, became one of the first tourism businesses to fall into liquidation due to the virus.

The company, which offered tours to the most spectacular parts of Queensland, left more than 1000 travellers out of pocket up to $2.5 million.

Across March transport, construction and food businesses were put under the control of an administrator or liquidator.

National insolvency firm Jirsch Sutherland warns an “insolvency avalanche” is inevitable if distressed businesses do not take urgent action to restructure and assess their debts.,

Jirsch Sutherland Partner Sule Arnautovic said while the government’s financial support was welcomed, many business owners could defer making important decisions while their debts mount.

“It’s crucial to make changes now to help flatten the insolvency curvethat’s looming,” he said.

“The federal government’s debt deferral strategy means that in, say, six months’ time there will be a proliferation of SME businesses getting into dire financial straits.

“Imagine having to pay six months of rent, utilities and financing costs, as a lump sum, before you can open your doors.

“There’s an insolvency avalanche coming that will peak once the government’s stimulus packages end.”

Mr Arnautovic said owners could restructure their business, create a creditors’ trust, consolidate or liquidate early.

In March 73 Queensland companies were put into liquidation or administration.

LIQUIDATIONS

PERFORMANCE TRAINING SOLUTIONS PTY LTD

ACN: 602 425 927

Appointment date: March 30

Oxdex Pty Ltd

ACN: 010 665 344

Appointment date: March 30

PTS AUSTRALIA GROUP PTY LTD FORMERLY KNOWN AS PTS RACING PTY LTD

ACN: 609 249 756

Appointment date: March 30

THE CHOPSPOT BARBERSHOP PTY LTD

ACN: 601 569 617

Appointment date: March 31

Keydane Pty. Ltd Trading as: Jungle Surfing Canopy Tours

ACN: 070 041 468

Appointment date: March 30

FAUSTAN PTY LTD

ACN: 168 315 133

Appointment date: March 30

FLORAL NAILS PTY LTD

ACN: 600 579 119

Appointment date: March 27

Yansco Pty Ltd

ACN: 130 185 027

Appointment date: March 19

Multicon Pty. Ltd.

ACN: 009 789 048

Appointment date: March 19

Brizway Pty Ltd

ACN: 147 103 320

Appointment date: March 12

Carina Meat Supply Pty Ltd

ACN: 086 131 964

Appointment date: March 26

ACN 106 550 976 PTY LTD As Trustee for SORBAN PROPERTY FAMILY TRUST FORMERLY KNOWN AS SORBAN PROPERTY INVESTMENTS PTY LTD

ACN: 106 550 976

Appointment date: March 27

Last Edition Pty Ltd

ACN: 097 284 323

Appointment date: March 26

FANG SHI PTY LTD THE TRUSTEE FOR FANG SHI UNIT TRUST FORMERLY TRADING AS BREAD TOP

ACN: 148 083 050

Appointment date: March 26

Thank U Come Again Pty Ltd

ACN: 607 620 815

Appointment date: March 25

Donnik Pty Ltd

ACN: 087 490 793

Appointment date: March 25

Eco Road Logistics Pty. Ltd.

ACN: 615 628 790

Appointment date: March 25

Aussie Rural Equipment Pty Ltd trading as Keidges Farm Machinery

ACN: 166 677 550

Appointment date: March 24

Roselle Group Pty Ltd trading as Pavarotti's Pasta & Pizza

ACN: 615 543 505

Appointment date: March 20

Restaurant Ventures Queensland Pty Ltd trading as Bucci Restaurant & Bar

ACN: 151 255 453

Appointment date: March 24

SAFE-T-RIDE (AUST) PTY LTD

ACN: 630 686 234

Appointment date: March 24

Mind Power Technology Pty Ltd

ACN: 600 460 044

Appointment date: March 24

Dent Industries Pty Ltd trading as Cold Rock Ice-Creamery Caloundra

ACN: 629 041 032

Appointment date: March 12

Blenheim Pty Ltd

ACN: 009 757 046

Appointment date: March 24

FX Investments Australia Pty. Ltd Formerly Trading As "Direct ATM Australia"

ACN: 604 035 234

Appointment date: March 24

SIGNXTREME PTY LTD

ACN: 088 380 303

Appointment date: March 24

*This company is not related to Signxtreme Queensland, which remains open on the Gold Coast.

LONG DEMOLITION PTY LTD

ACN: 143 256 535

Appointment date: March 24

Wulguru Engineering Pty Ltd

ACN: 105 040 999

Appointment date: March 24

Vicar Pty Ltd 

ACN: 623 282 744

Appointment date: March 20

Deedeera Actuaries Pty Ltd

ACN: 128 256 324

Appointment date: March 23

MB01 PTY LTD Formerly trading as Coffee Club Bulimba

ACN: 613 786 717

Appointment date: March 20

Shmoopa Pty Ltd

ACN: 108 897 990

Appointment date: March 19

Zebra Finance Pty Ltd

ACN: 118 219 122

Appointment date: March 19

Paybrook Pty. Ltd trading as THE DRAPERY DEN

ACN: 011 009 108

Appointment date: March 19

NTA Industries Pty Ltd

ACN: 627 424 177

Appointment date: March 19

Expo News Pty Ltd Formerly Trustee for The Expo News Trust

ACN: 149 643 489

Appointment date: March 18

Vystal Pty Ltd

ACN: 633 254 823

Appointment date: March 19

Basils Pty Ltd

ACN: 009 736 654

Appointment date: March 17

AL GARDEN CITY PTY LTD

ACN: 612 669 431

Appointment date: March 18

Zaria Group of Companies Pty Ltd

ACN: 620 213 336

Appointment date: March 18

L'Estrange Holdings Pty Ltd

ACN: 009 692 442

Appointment date: March 16

Muscle Nerd Pty Ltd

ACN: 602 471 223

Appointment date: March 16

Lifter's League Pty Ltd

ACN: 610 638 125

Appointment date: March 16

WILTSHIRE LAWYERS PTY LTD

ACN: 132 100 255

Appointment date: March 13

TKN Group of Companies Pty Ltd as trustee for TKN Group Trust

ACN: 620 698 035

Appointment date: March 12

Aquadisiac Marine Services Pty Ltd

ACN: 154 168 555

Appointment date: March 12

Aulier Health Foods Pty Ltd

ACN: 165 830 893

Appointment date: March 12

Habo Pty Ltd

ACN: 608 934 381

Appointment date: March 13

Delightful Berries Pty Ltd

ACN: 168 840 506

Appointment date: March 12

Wyton Employment Pty Ltd

ACN: 159 632 229

Appointment date: March 12

3 Brothers Investments Pty Ltd trading as 3 Sisters Motel and Cottage

ACN: 160 246 499

Appointment date: March 12

GC Enterprise (QLD) Pty Ltd

ACN: 606 751 339

Appointment date: March 10

MTG Group Pty Ltd Formerly T/As AdventureFree Tours & Charters And Adventure Free Tours

ACN: 139 910 740

Appointment date: March 11

Cloud Industry Group Pty Ltd

ACN: 610 218 749

Appointment date: March 11

Bullzye Pty Ltd

ACN: 114 920 311

Appointment date: March 9

Sovereign Management (Qld) Pty Ltd trading as Alpha Hotel Sovereign Gold Coast

ACN: 073 517 790

Appointment date: March 9

IMAA & ASSOCIATES PTY LTD trading as Emerald Health Care Centre

ACN: 128 985 339

Appointment date: March 9

Kennedy Projects Group Pty Ltd

ACN: 061 782 376

Appointment date: March 6

Niknik Pty Ltd ATF Niknik No. 1 Trust

ACN: 127 294 320

Appointment date: March 6

Virtual Tech Pty Ltd

ACN: 158 373 203

Appointment date: March 6

ERCC GROUP PTY LTD

ACN: 623 427 056

Appointment date: March 4

Jackson & Jackson Refrigeration Pty Ltd

ACN: 122 222 486

Appointment date: March 4

Holmes & Collins Pty Ltd

ACN: 607 827 243

Appointment date: March 3

Linix Group Australia Pty Ltd

ACN: 147 526 912

Appointment date: March 2

De La Seine Pty Ltd trading as Rocky Ho's Grille & Diner

ACN: 608 873 016

Appointment date: March 2

REJV Services Pty Ltd

ACN: 081 482 457

Appointment date: March 3

LB RESTUARANTS PTY LTD trading as Sorellina Pizzeria

ACN: 165 476 004

Appointment date: March 2

HHJC TRADING PTY LTD

ACN: 600 393 191

Appointment date: March 2

ADMINISTRATIONS

Mackay City Couriers and Transport Pty Ltd

ACN: 164 249 432

Appointment date: March 26

ACN 605 767 726 Pty Ltd ATF The Waldheim Annerley Unit Trust Formerly Known as Waldheim Annerley Pty Ltd

ACN: 605 767 726

Appointment date: March 23

Aussie Batteries Solar 12 Volt Pty Ltd

ACN: 617 425 411

Appointment date: March 24

Indoor Climate Technologies Pty Ltd

ACN: 620 284 086

Appointment date: March 11

Lockyer Quarry Pty. Ltd.

ACN: 058 118 335

Appointment date: March 3