Albert Park Leisure, which owned the South Melbourne bar Albion, collapses amid $4.5m debt pile

A hospitality business partly owned by former AFL star Dane Swan, which recently sold South Melbourne bar Albion Rooftop, has collapsed into liquidation owing creditors more than $4.5m.

A hospitality company partly owned by former Collingwood football star Dane Swan has collapsed into liquidation. Picture: Jason Edwards

A hospitality company partly owned by former Collingwood football star Dane Swan has collapsed into liquidation, owing creditors more than $4.5m.

Albert Park Leisure, which until recently owned South Melbourne bar Albion Rooftop, called in the liquidators earlier this month.

The Herald Sun revealed in early February the Albion, located on York St, had been sold to nightclub and entertainment business District 14.

Corporate records list businessman Matt Darcy, brother of media identity and ex-AFL player Luke, as the director of Albert Park Leisure.

Dane Swan’s company Hormel Promotions is listed as one of its shareholders.

Mr Swan told the Herald Sun he has had nothing to do with the Albion for a number of years and had no information on how or why Albert Park Leisure was in liquidation.

The AFL great is also a part-owner of the historic Union Hotel in Windsor and has interests in South Yarra venue The Osborne.

The Albion, located on York St, was sold to nightclub and entertainment business District 14. Picture: Jason Edwards

Albert Park Leisure, which owned Albion, called in the liquidators earlier this month. Picture: Jason Edwards

Another company of Darcy’s, Richmond Leisure, which owned Richmond pub the Precinct Hotel, was also put into liquidation in December.

Insolvency expert Leigh Prior of Agile Business Advisory has been appointed liquidator of both companies.

New reports lodged with the Australian Securities and Investments Commission reveal Albert Park Leisure collapsed owing unsecured creditors more than $4.5m.

This included more than $3m to the Commonwealth Bank of Australia, as well as $852,451 to the Australian Taxation Office, $14,352 to the City of Port Phillip and $28,776 to insurance provider EML.

Other creditors included cleaning company A Cleaner World ($4,675), kitchen supply store Chefs Hat ($3,186) and music licence provider OneMusic ($5,518).

Mr Prior’s report showed the company had just $15,000 in the bank at the time of its collapse and owed employees $94,072.

Richmond Leisure collapsed owing unsecured creditors more than $5m, including $1.1m to the tax office and upwards of $3m to the Commonwealth Bank of Australia.

Richmond Leisure, which owned the Precinct Hotel, was also put into liquidation.

Richmond Leisure collapsed owing unsecured creditors more than $5m.

Others owed money included Darcy himself ($367,353), wine supplier Joval Wine Group ($14,998) wholesaler Del-Re National Food Group ($7,767) and alcohol manufacturer Carlton & United Breweries ($314,552).

Secured creditors including employees are owed $192,273.

Mr Prior’s report said the company had $20,000 in the bank at the time of the liquidation.

It was owed $402,225 from other businesses, of which only $64,500 could be deemed recoverable, the report said.

The Precinct Hotel is trading as normal.

The Herald Sun has reached out to the Precinct Hotel and has attempted to contact Darcy for comment.

The Albion – a rooftop bar, event space and nightclub – was targeted in an arson attack in 2015 after a disgruntled builder set it alight leaving an estimated $5m in damages.

Police arrested builder Andrew McMahon, who had been in charge of the renovations.

He pleaded guilty to arson and was sentenced to five years’ jail.

Originally published as Albert Park Leisure, which owned the South Melbourne bar Albion, collapses amid $4.5m debt pile