Three Hope Island restaurants languishing in millions in debt before collapse
THREE Hope Island restaurants which closed suddenly last month were drowning in millions of dollars of debt. But newly-released details about the full scale of the company financials reveal just how bad it was.
Gold Coast
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THREE Gold Coast restaurants which closed suddenly last month — putting up to 40 people out of work — drowned under debt of nearly $4 million, according to documents filed with ASIC.
Pacific Vanuatu Holdings Pty Ltd had less than $6000 in the bank when the doors of its Hope Island eateries New York New York, Manhattan on Hope and Tiffany’s Cafe and Cocktails shut.
One staff member, who declined to be named, said the company’s financial plight was so bad employees paid for stock out of their wages.
The documents, put together by director Jo-Anne Crestani, were filed by the original company administrator Roland Robson, of Robson Cotter Insolvency.
Pacific Vanuatu Holdings Pty Ltd owed more than $1.5 million to Ms Crestani’s partner, Randall McFie, who told the Gold Coast Bulletin last month he was the cafes’ owner.
The company’s registered address was a Sovereign Island mansion Mr McFie sold for $3.3 million in January.
Mr McFie declined to talk to the Gold Coast Bulletin yesterday.
The documents filed by administrator Roland Robson show Pacific Vanuatu Holdings’ debt included a $38,000 credit card bill with ANZ and $8621 in holiday pay owed to workers.
Staff are owed more than $14,000 in entitlements.
The company also owes ANZ $505,990 for the money paid for the lease of two of the restaurants.
The Gold Coast Bulletin revealed last month the company owed more than half a million to the Australian Taxation Office, which successfully appealed to the courts to have the business closed.
Mr McFie’s son, Ryan McFie, is also owed more than $75,000, the documents to ASIC show.
Pacific Holdings Vanuatu had more than $2.4 million in assets when it shut down, but of that about $2.3 million was tied to the leases of the three shop fronts at Hope Island Shopping Centre.
The high amount of debt means former staff members could be waiting some time for outstanding wages.
Court appointed liquidators McGrath Nicol last week sent a letter to employees about unpaid wages.
“At this point, we are unable to confirm whether there will be sufficient assets available to meet employee’s pre-appointment claims,” the letter said.
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