Hospitality, tourism firms continue to feel COVID-19 pain
Queensland averaged at least one company collapse everyday in February with several key sectors the hardest hit. FULL LIST
Business
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Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month.
There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month.
Revive Financial partner Jarvis Archer said his office had seen an increased number of insolvency appointments and inquiries in February with the impact of COVID-19 cited by most company directors as the cause of their financial troubles.
“Some businesses have remained closed since the early onset of COVID restrictions in March 2020,” said Mr Archer.
“Others have reopened but have been unable to return to profit following a dramatic decline in ongoing revenue.”
Hospitality businesses continued to suffer, with those in the CBD and inner-city suburbs of Brisbane being hit as large numbers of office workers remained at home.
All up, there were 32 Queensland companies put into liquidation and four companies appointed voluntary administrators, according to Australian Securities and Investments Commission data compiled by The Courier-Mail.
Mr Archer was appointed liquidator last month of Sunshine Coast-based Akane, which had traded as Akane Teppanyaki and Whisky Bar.
Separately, Queensland-based MotoX, which operated Outback Adventure Treks in partnership with another company GoodBlokes Australia, ceased trading earlier this month after COVID-19 restricted travel across state borders.
“Tourism, particularly in North Queensland which relies heavily on international visitors, also continues to have an uncertain future,” said Mr Archer.
“Other sectors such as construction, transport and retail appear to be doing relatively well.”
The end of JobKeeper was expected to trigger a wave of insolvency appointments while the Australian Taxation Office was now taking steps to recover its debts.
“To date, the ATO has been willing to negotiate generous payment arrangements and interest-free periods,” said Mr Archer.
“However, activity to collect outstanding debts has increased, focussing on companies owing large amounts that are not attempting to meet their obligations.
“The question is whether the ATO recommencing action, will also lead to banks and financiers also taking steps to deal with their overdue accounts.”
There had been growing interest in the Federal Government’s new small business restructuring process but given the potential impact of the process on credit ratings, business owners were approaching it cautiously.
QLD LIQUIDATIONS FEBRUARY
N1 Investments Pty Ltd
ACN:167 883 034
Garden Sparkle Pty Ltd
ACN: 613 261 537
SMA Industries Pty Ltd
ACN:164 548 065
Trans Tasman Tyres Pty Ltd
ACN: 609 700 147
Australian Crane & Machinery Pty Ltd
ACN:111 382 784
Digital Infrastructure Pty Ltd
ACN:112 477 353
Taxis Qld Pty Ltd
ACN:164 425 352
BWTM Pty Ltd
ACN:103 545 035
A.B.C. Bodyworks Pty Ltd
ACN:009 701 973
Milton Seafood Pty Ltd trading as Sea Fuel Milton
ACN:632 395 727
46 James Street Pty Ltd trading as Beaux Rumble
ACN:628 914 803
QSEC PTY LTD
ACN:601 386 681
Dornoch Nominees Pty Ltd
ACN:629 297 132
Pre Ed Pty Ltd (In Liquidation)
ACN:169 760 221
Arenkay Designs Pty Ltd
ACN:081 084 102
Sarafire Pty Ltd
ACN:146 994 452
HINCHINBROOK ISLAND PTY. LTD.
ACN:010 326 879
NU HEALTHY CAFE FORTITUDE VALLEY PTY LTD
ACN:625 446 166
Bohle Pipe Fabrication Pty Ltd
ACN:115 413 146
Cassmio Holdings Pty Ltd
ACN:139 651 237
MOTO X PTY LTD trading as Outback Adventure Treks
ACN:624 012 880
AKANE PTY LTD trading as AKANE TEPPANYAKI & WHISKY BAR
ACN:626 069 207
Central Apartment Group (QLD) Pty Ltd
ACN:126 247 292
Australian BioRefining Pty Ltd trading as ABR Process Development
ACN:110 454 254
DANIEL’S KITCHENS PTY LTD
ACN:118 620 876
Joseph’s Hungarian Langos Pty Ltd
ACN:639 242 229
Artios Corporation Pty Ltd trading as Artios Optometry
ACN:636 644 605
Fuzion Lighting Pty Ltd
ACN:168 664 917
HOWRON PTY LTD
ACN:123 013 589
Greenlees Estate Pty Ltd
ACN:609 947 364
TROPICAL FISH LOGISTICS PTY LTD
ACN:629 393 871
Harvest Home Improvements Pty Ltd
ACN:061 532 778
QLD ADMINISTRATIONS FEBRUARY
Star Business Group Pty Ltd trading as Huss’s Grill Cafe
ACN:607 107 666
GABRIEL FAMILY HOLDINGS PTY LTD ATF THE GABRIEL FAMILY TRUST ABN 51 527 468 959 trading as GABRIEL GROUP (QLD) AND SLASH N SLIP
ACN:130 519 452
EBONY PROPERTY GROUP PTY LTD
ACN:604 956 550
Gulf Aboriginal Development Company Ltd
ACN:080 906 805
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