Paradise Rum, Heka Group among company collapses within 12 months
An uptick in insolvencies has led to these Sunshine Coast businesses collectively accruing more than $20m in debt and collapsing in the past year. See the list.
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Workers in the construction and hospitality industries on the Sunshine Coast have copped the brunt of insolvencies over the past year, with experts predicting more pain to come.
More than $20m in debts have been accrued by some businesses in the region, with 14 forced to shut down and bring in liquidators.
Worrells liquidator Paul Nogueira said there was little chance of reprieve as the Australian Taxation Offices ramped up debt retrieval.
Mr Nogueira predicted an “uptick in insolvencies”, especially in the hospitality industry.
See the companies that have entered liquidation in the past 12 months and what they owe to creditors.
Peak Wine Bar – $600k
The company had traded as the popular Peak Wine Bar on Ocean St, Maroochydore and Colin Cameron was listed in Commission documents as its sole director since its inception in 2007.
Australian Securities and Investments Commission records show CR Cameron Enterprises Pty Ltd members decided on February 27 last year to appoint Dane Hammond of Worrells Solvency and Forensic Accountants as liquidator.
Worrells principal Mr Hammond said initial investigations indicated the company owed more than $600,000, including unpaid staff entitlements and a debt to the Australian Taxation Office.
Mr Hammond said Peak Wine Bar was impacted by broader issues in the industry over a number of years.
“The company suffered a number of the widely publicised issues that have impacted the hospitality industry over the past few years,” Mr Hammond said.
Mooloolah Bakery – $800k
Mooloolah Baked Pty Ltd, which traded as Mooloolah Bakery, collapsed in March this year, owing more than $800,000 to the ATO.
The bakery, which was established in 2018, was directed by Shane Richard Dixon according to Australian Securities and Investments Commission documents.
Liquidator at SV Partners, Jason Cronan, said the Mooloolah Valley store had closed shortly before liquidators were appointed.
“The ATO wound up the company, claiming to be owed more than $800,000 (tax and superannuation). A large portion of the debt includes interest and penalties,” Mr Cronan said.
Mr Cronan said Mr Dixon, who employed 12 staff, indicated a further $30,000 was owed to creditors.
D.M.A.H Enterprises – $750k
The couple behind a popular waterfront wine bar in Caloundra has confirmed their company’s collapse, succumbing to skyrocketing rent and a pullback in consumer spending.
The wine bar and restaurant, The Celler, opened up on the first floor of a waterfront block at 26 Esplanade Bulcock Beach, next door to the Sandbar Cafe and Kiosk in 2021.
According to ASIC documents, Derek Murphy acted as the sole director and secretary for D.M.A.H Enterprises Pty Ltd, which traded as the Sandbar Cafe and Kiosk and The Celler, up until the company entered voluntary liquidation last month.
Worrels liquidator Paul Nogueira was appointed to the company, D.M.A.H Enterprises, on February 20 this year.
In Mr Nogueira’s report to creditors on March 1, he estimated the amount owed to known creditors to be $759,000, about $545,935 of that debt is owed to the Australian Taxation Office.
Juan Fifty – $439k
Liquidators were appointed to Juan Fifty Pty Ltd on October 9 last year, with the ASIC notice stating the company was to be wound up.
According to liquidator Jason Cronan, Juan Fifty Pty Ltd owed $439,000 in unpaid tax and superannuation to the Australian Taxation Office.
Juan Fifty Kitchen and Bar at Alexandra Headland would be sold and continue to operate under a new company.
The company’s accountant, who did not wish to be named, previously told this publication it faced “insurmountable challenges” following the Covid-19 pandemic and wider economic pressures.
“Despite their best efforts to adapt, including cost-cutting measures and exploring alternative revenue streams, the reduced consumer spending proved difficult to overcome,” they said.
Hosbros – $266k
The demise of the company behind two popular Ocean Street bars was laid bare when liquidators revealed the company’s six-figure debt.
The company behind former Ocean St venues, The Drunken Dumpling SC and more recently the Miyako Lounge – Hosbros Pty Ltd – entered liquidation on October 9 last year according to ASIC notices.
ASIC documents seen by this publication showed Hosbros Pty Ltd owed a total of $266,971 to creditors.
Among the creditors was the deputy commissioner of taxation, with about $29,680 owed in unpaid superannuation.
Gopals – $163k
The parent company of a popular vegetarian restaurant in Maroochydore went into liquidation following the local business’s shock closure, as the directors lament inflationary and economic pressure since the pandemic.
Gopal’s Pure Vegetarian, on Ocean St in Maroochydore, developed a cult-like following among veggie-lovers since the restaurant first opened in 2011.
ASIC documents showed liquidators were appointed to GG Eats Group Pty Ltd – which had traded as Gopal’s Pure Vegetarian Maroochydore and Muse Taqueria House – on May 30 last year.
Liquidator at Revive Financial Jarvis Archer said there appeared to be debts of about $163,000 to lenders and the Australian Taxation Office.
Mr Archer said the director did not renew the lease for the restaurant following ongoing economic issues plaguing many local businesses.
Paradise Rum – $1.2m
A popular Sunshine Coast distillery and venue announced its shock closure in January this year as liquidators revealed the million-dollar debt owed across the two companies.
The companies Paradise Rum Pty Ltd and Civil Projects Australia Pty Ltd, which traded as Paradise Rum Bar, both entered liquidation on January 17.
The Paradise Rum brand operated as two separate companies which ran the bar and bistro at Mooloolaba and a distillery venue at Warana.
SV Partners liquidator Jason Cronan said across the two companies it was estimated about $1.2m was owed to multiple creditors including the Australian Taxation Office and suppliers.
Mr Cronan said about $900,000 was owed to related parties as an investment into the businesses.
Malt Shovel Taphouse – unknown
The Malt Shovel Taphouse at Stockland Birtinya issued a statement on social media in March last year informing patrons the venue was permanently closing its doors.
News of the closure came on the eve of a second creditors meeting to hear the findings of administrators appointed to Food Focus Australia Pty Ltd, the company behind Malt Shovel Taphouse.
Food Focus Australia had also previously traded as the popular Sunshine Coast music venue NightQuarter, which shut down late last year.
Former director of Food Focus Australia Michelle Christoe – who was director until administrators were appointed on November 28, 2022 – said the closure of Malt Shovel Taphouse was mainly due to the debt accrued by NightQuarter.
Sunny Street – $532k
Sunny Street Maroochydore Pty Ltd was established as a health service for vulnerable people and those experiencing homelessness on the Sunshine Coast.
The directors Nova Evans and Sonia Martin first opened the doors of Sunny Street to patients in 2018, with the business receiving a Sunshine Coast Business Award in 2022.
However, the clinic has since shut down and liquidator at Worrels, Paul Nogueira, was appointed to the company on June 1 last year.
In total, it is estimated the company owes creditors $532,446, according to ASIC documents.
Mr Nogueira said Dr Evans and Ms Martin had not responded to his demands for the payment of two outstanding loans from the company, which were claimed to be $322,377 and $178,870 respectively.
“I have had to engage a lawyer to pursue the director loan accounts as the directors have not responded to the demands issued seeking payment of the same,” Mr Nogueira said.
Transportable Shade Sheds – $1.3m
Customers around the country were left thousands of dollars out of pocket following the collapse of a Sunshine Coast shed building company.
Mooloolaba-based Transportable Shade Sheds went into liquidation on April 3 last year owing more than $1.3m to suppliers and creditors and leaving some customers with half-built sheds.
Robson Cotter of Robson Cotter Insolvency Group said there was at least $1,372,696 owed to about 160 trade suppliers and creditors.
Heka Group – $3.8m
Sunshine Coast company, Heka Diprose Pty Ltd, which traded as Heka Group, appointed liquidator Dane Hammond to the company on Thursday, February 22.
The company specialises in metal fabrication and protective coatings, according to the Heka Group website, and is the largest engineering company on the Sunshine Coast.
In the report on company activities and property published on ASIC, a number of creditors were identified as being owed money by the Heka Group.
The largest debt is owed to the ATO for an estimated $2.85m, according to the report published on ASIC.
The report also stated a further estimated $1m was owed to various creditors.
ASIC documents seen by this publication showed Jason Scott Diprose held the positions of director and secretary of the Heka Diprose Pty Ltd since the company began in the Sunshine Coast in 2008.
Fraser Earthworks – $3m
The Sunshine Coast earthmoving company Eruliaf Earthmoving Pty Ltd cited project disputes and a competitive market as the reason for the company’s financial downfall, as the liquidator revealed debts exceeding $3 million.
Liquidator at H and H advisory, Mohammed Shahin Hussain, was appointed as liquidator to Eruliaf Earthmoving Pty Ltd on November 2 last year and released his report to creditors on February 1.
The ASIC report to creditors seen by this publication showed the Chevallum-based earthmoving company, which traded as Fraser Earthworks, was owned by Samuel James Fraser who acted as the company’s director and secretary since the company was registered in September 2011.
The liquidator’s report to creditors, which stated the liquidation was still in the “early stages”, showed 16 secured and four unsecured creditors, owed $1,120,762 and $2,518,273 by the earthmoving company respectively.
Nation Construction Management – $8.8m
Mick Robbie’s well-known building company, National Construction Management Pty Ltd, entered liquidation on March 10 last year, appointing Worrell’s Dane Hammond as liquidator.
As of June 2023, 123 creditors had lodged claims totalling a debt of about $8.83m.
One creditor listed in ASIC documents is NCM Construction Group QLD Pty Ltd, for a debt of $758,576.53.
The liquidator’s report to creditors, published in June last year, stated the date of suspected insolvency for National Construction Management was “at least from 30 June 2022”.
The amount of debt incurred after this time was estimated to be at least $1.8m.
According to Mr Hammond’s report to creditors, Mr Robbie closed the business around December 2022 or January 2023 due to “insufficient cash flow”.
NCM Construction Group Qld Pty Ltd – $200k
The company, NCM Construction Group QLD Pty Ltd, which worked primarily in renovations, appointed SV Partners as liquidators on Wednesday, February 28.
ASIC documents showed Michael David Robbie was the director of NCM Construction Group QLD.
Liquidator Jason Cronan said the company was believed to have stopped trading before the liquidation of Mr Robbie’s other company, National Construction Management (NCM) in March 2023.
“While the company operated a separate business, there is a relationship between the entities. We are advised the company ceased trading prior to the liquidation of National Construction Management Pty Ltd,” Mr Cronan said.
Mr Cronan said it was currently estimated NCM Construction Group QLD owed a debt of $200,000 to the Australian Taxation Office.
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