Yeppoon beachfront restaurant administration leaves creditors empty-handed

The 30-plus businesses owed almost $900,000 by a collapsed Queensland seafood restaurant face the worst outcome after an administrator’s report revealed a big problem may have existed from day one of trade.

Waterfront Seafood Bar and Grill. Inset: Jason Watkins

Businesses and persons owed money in the closure of a Yeppoon beachfront seafood restaurant won’t see any of their money, the latest report into the administration has revealed.

The $900,000 administration of the former Waterfront Seafood Bar and Grill, run by Jason Watkins, is to be finalised in the coming months with no money in the accounts for the 30-plus creditors.

According to the latest report, filed with the corporate regulator, the business may have had financial issues from the start.

The company, Jawagash Pty Ltd, closed suddenly in March 2023 and Mr Watkins, filed for bankruptcy, leaving staff, customers and suppliers in the lurch to the amount of $730,000.

Voluntary administration was filed shortly after and Nikhil Khatri and Michael Beck of Worrells were appointed.

In total, 37 creditors were owed $825,000 in debts and $62,000 was owed in wages to former employees.

The employees are able to receive their entitlements back through the Federal Government’s Fair Entitlement’s Guarantee scheme.

A new report filed by Worrells on November 7 states the administration is expected to be finalised within three months.

According to the report, the company had “plant and equipment” valued at $48,115 but this had been unable to be collected and there would be no recovery.

There are no other assets in the company name.

Small businesses from the Rosslyn Bay Fisherman’s Market to GoodeAir Refrigeration and Airconditioning, Rockhampton Fine Foods and CQ Septics and Waste Managements are up to the national companies like Coca Cola Amatil, Bidfood, PacPlus are owed money.

The landlord is also owed $38,000.

The report claims there’s a lack of company books and records available and they had not been maintained properly.

The report also claims the company may have been unable to pay back its debt from when the restaurant opened.

An analysis of the internal financial accounts of the company and running balance with the Australian Taxation Office has determined “the company was likely insolvent from its inception on 19 March 2021,” the report states.

The report notes there is insufficient funds to conduct further investigations.

Waterfront Seafood Bar and Grill opened on the Yeppoon Esplanade in April in 2021.

The former company director Jason Watkins has since moved to Darwin where it is understood he is working in hospitality.

The restaurant space in the Echelon building on Anzac Parade remains closed up and doesn’t appear to be advertised for lease.

WATERFRONT SEAFOOD BAR AND GRILL COMPANY ADMINISTRATION DEBTS:

Proofs of debt: $315,297

Secured creditors: $37,915

Employee claims: $62,411

Non-priority claims: $214,971

UNSECURED CREDITORS:

• Ad Strategy: $5,700
• Australian Taxation Office: $138,827
• Beemart Enterprises: $10,800
• Beyond Print: $450
• Bidfood Rockhampton: $17,713.12
• Central Commercial Electrics: $220
• Coca Cola Amati: $1,400
• Commonwealth Bank: $4,000
• CQ Septics & Waste Management: $1,100
• Echelon Retail (landlord): $38,202
• Ergon Energy: $10,291
• GoodeAir Refrigeration & Airconditioning: $650
• Latitude Financial Services: $27,500
• Latitude Financial Services: $5,000
• Livingstone Shire Council: $110
• Locktek: $207
• Office National Xpress: $300
• On Deck Capital Australia: $123,000
• Origin Energy: $1,500
• Pac Plus Wholesalers: $3,000
• PFD Food Services: $40,615.44
• Poscom Point of Sale: $1,200
• Railway Hotel Yeppoon: $700
• Visual Sounds: $250
• Rockhampton Fine Foods: $900
• Rocky’s Own Transport: $400
• Rosslyn Bay Fisherman Market: $7,100
• Shannahan Swaffield Partners: $9,988.80
• Stephen Davidson: $1,400
• The Amazing Cup: $750
• Zippys CQ: $90