Autolyse, Frenchy’s Bread: Miroslav Gubas owned company in debt
A sourdough baker's empire has fallen flat with liquidators this week calling for anyone owed money to come forward now. It is estimated the bakery’s boss, who has been banned from running a company, owed $2.7m to 91 creditors.
Central Sydney
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A sourdough baker's empire has fallen flat with liquidators this week calling for final debt claims from creditors.
Miroslav Gubas, who was banned in March from running a company by ASIC for five years, ran the wildly popular Autolyse bakery on Lonsdale St in Braddon, Canberra.
During its heyday following the launch in May 2013, Autolyse had lines out the door on weekends and local supermarkets clamoured to stock its loaves.
Mr Gubas of Isaacs, also known as Mick or Mickey, attempted to break into the Sydney market in July 2014 with a store in Central Park Mall, Chippendale.
But behind the rows of mouth watering fresh baked bread, all was not well.
A month prior to opening his first Autolyse, another of Mr Gubas’ companies Highup, which was behind the Alto revolving restaurant and Panorama Kiosk at Canberra’s Telstra tower, went into liquidation.
The short lived Autolyse, the official company name of which was Frenchy’s Bread, was liquidated in May 2015.
According to a statement released by ASIC last month, “at the time liquidators were appointed, the companies had a combined total debt of $2.7 million, owed to 91 creditors.”
“In making an order to disqualify Mr Gubas, ASIC found that he: “failed to pay the ATO taxes and keep proper records; failed to assist the liquidators after their appointment to the companies; allowed a company to continue to trade while it was insolvent and transferred $450,000 from the company bank accounts to a related company for no consideration, knowing the companies owed statutory and creditor debts,” the ASIC statement read.
The long running saga is set to finally draw to a close with liquidator Alan Hayes of Hayes Advisory yesterday posting a notice of intention to declare dividends on the ASIC insolvency register.
The notice states that the third and final dividend will be paid on June 9 and urges anyone with a claim against the company to come forward.
“Creditors whose debts or claims have not already been admitted are required on or before May 27 formally to prove their debts or claims,” Mr Hayes’ notice reads.
“If they do not, they will be excluded from the benefit of the dividend.”