Yeppoon Waterfront Seafood Bar & Grill in administration

The Yeppoon restaurant closed suddenly in March and a $730,000 bankruptcy was filed days later. A secured creditor has now taken action to get their money back.

Waterfront Seafood Bar & Grill has been placed into administration. The director was Jason Watkins, pictured.

Bankrupt Yeppoon restaurant, Waterfront Seafood Bar & Grill, has now been placed into administration.

The restaurant opened on the Yeppoon foreshore in April 2021, with owner Jason Watkins at the helm.

It suddenly closed on March 6, with customers who dined there on the last days bewildered and other customers with gift vouchers left wondering what would become of them.

Furniture could be seen stacked up inside the restaurant days after with no sign about the closure on the door.

Mr Watkins filed for bankruptcy on March 8, two days after the restaurant closure.

The company is registered as JAGAWASH Pty Ltd, and traded as Waterfront Seafood Bar & Grill.

The list of creditors owed money in the bankruptcy totalled $732,057.

Creditors included Bidfood, Australian Taxation Office, finance companies, Rosslyn Bay Fisherman Market, Shanahan Swaffield Partners (Rockhampton accountants), Echelon Retail Unit Trust (landlord) and Ergon Energy.

Michael Beck and Nikhil Khatri of Worrells Insolvency and Forensic Accountants were appointed as the voluntary administrators on July 28.

The voluntary administration was enacted under the Act, as a secured creditor owed money in the bankruptcy enforced a security interest.

“The former director, who is also a secured creditor, appointed administrators on Friday and we are now in the early stages of establishing the company’s financial position, including identifying assets available for realisation and quantifying claims of creditors and employees,” Mr Beck said.

“We are conscious and understanding of the impact the appointment will have on everyone involved, particularly employees and suppliers.”

Creditors owed money are asked to lodge their proofs of debts on the Worrells website.

A first meeting of creditors will be held within eight days of the administration appointment and a second meeting, when the future of the company will be determined, will be held within 20 to 30 business days.

If the company is ultimately placed into liquidation as a part of the administration process, eligible employees will be able to lodge outstanding employee entitlements with the government’s Fair Entitlement Guarantee Scheme.

“We will provide updates as they become available,” Mr Beck said.