Waterfront Seafood Bar and Grill Yeppoon liquidation finalised
Many businesses are left out of pocket after the completion of the $750,000 liquidation of a popular Yeppoon waterfront restaurant.
Rockhampton
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The $750,000 liquidation of the former Waterfront Seafood Bar and Grill on Yeppoon’s esplanade has been finalised, with no money to be reimbursed to the 34 creditors.
The liquidation was formally finalised on January 15 and an end of return was filed with the Australian Securities and Investments Commission.
The restaurant closed suddenly in March 2023 and company director Jason Watkins filed for bankruptcy the following day.
A voluntary administration was appointed in July 2023, with Nikhil Khatri and Michael Beck of Worrells appointed.
Creditors of the company resolved in a meeting in September to wind up the company and it was moved into liquidation.
The return states the company still owed two secured debts of $115,415 and $648,880.44 to 32 unsecured creditors.
Creditors included the Australian Taxation Office, Bidfood Rockhampton, Beemart Enterprises, PFD Food Services, Rosslyn Bay Fisherman Market and various banks.
A sum of $38,202 was also owed to the landlord.
The gross assets realised during the process totalled $30,345.69, with an upfront indemnity of $27,500 and smaller amounts in interest and GST returns, paid to Worrells.
Worrells’ staff claimed to have spent 70 hours and 32 minutes on the case, totalling a cost of $34,536.81, leaving an outstanding balance which had to be written off.
There are no further distributions for creditors.
During the earlier investigations of the administration, $62,000 was owed to former employees however this has since been paid through the Federal Government’s Fair Entitlements Guarantee Scheme.
An analysis of the internal accounts of the company found it may have been insolvent since the restaurant opened.
The former restaurant space on Anzac Parade remains closed.
Mr Watkins opened the restaurant in April 2021.
It’s understood Mr Watkin most recently worked at Darwin business, The Precinct Tavern.
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Originally published as Waterfront Seafood Bar and Grill Yeppoon liquidation finalised
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