Parea Cronulla: Spiros Parameritis Greek restaurant in liquidation
A once popular Greek restaurant has gone into liquidation with debts of more than $300,000. The liquidator appointed has also raised fears for those still owed money.
St George Shire Standard
Don't miss out on the headlines from St George Shire Standard. Followed categories will be added to My News.
A popular Greek restaurant in Cronulla has gone under as it is unable to pay more than $300,000 in debts.
The liquidator appointed has also raised fears for those who are still owed money - given the restaurant has no assets.
Parea Cronulla, which only opened in 2018, shut permanently in April but didn’t officially go into liquidation until August 12.
The company which ran the Cronulla business, Gerale Street Investments headed by director Spiros Parameritis, is separate to the one which operates the original Parea restaurants in Kogarah which remain unaffected by the liquidation.
Liquidator Kathleen Vouris of Hall Chadwick said so far Gerale Street Investments’ debt totals $308,000.
However this figure could increase if more creditors come forward.
“This amount is subject to change as a result of receipt of further information and formal proof of debt claims from creditors of the Company,” Ms Vouris said.
“Our preliminary investigations indicate that the company does not have any assets. As a result, we do not consider it likely that a dividend will be available to any class of creditor.”
Ms Vouris said her investigations into the company’s financials were still in their infancy but she would be looking into matters including what is owed to former employees.
“The director has initially advised he was not able to make the rental payments on time,” she said.
“The reasons for failure of the company will form part of our investigations into the company’s business, affairs and financial circumstances.
“The company ceased trading prior to our appointment and as such no employees were employed at the time the company was placed into liquidation.
“The number of employees who were employed prior to our appointment will form part of our investigations into the company’s business, affairs and financial circumstances.”
In April a spokesperson for Parea Cronulla told the St George Shire Standard they were devastated by the business closure.
“It’s with great regret that we had no option but to close the Cronulla store,” they said.
“A combination of a tough summer with fires and floods and the COVID-19 restrictions has left us to focus all our efforts on our Kogarah takeaway store.”
Ms Vouris urged any business to seek help prior to its financial circumstances becoming dire.
The owner was contacted for further comment but is yet to respond.