Huon Valley Seafoods: Who’s allegedly owed what in $3.1m collapse

A new report has shed more light on the decline of a major player in Tasmania’s seafood industry, with 128 creditors allegedly left a combined millions out of pocket. See who has been stung.

49 Wilmot Rd, Huonville Huon Valley Seafoods

A new report has shed further light on the decline of a major player in Tasmania’s seafood industry, which collapsed last month.

Huon Valley Seafoods Pty Ltd, based at 49 Wilmot Rd, Huonville, entered liquidation on July 24.

According to the latest report filed with corporate regulator ASIC, the company’s estimated liabilities sit at $3,161,544.01, with the money allegedly owed to 128 secured and unsecured creditors.

Significant alleged creditors include the Australian Taxation Office, NAB, company director Yuan-Sheng Xie, landlord SOAC Pty Ltd (a company owned by Huon Valley Seafoods founders Ambrose Coad and Stephen Oates), investment firm REC Capital, and business financiers FIFO Capital Partners Pty Ltd and Banjo Loans.

49 Wilmot Rd, Huonville Huon Valley Seafoods

REC is owed approximately $1m; the tax office $232,617.86, plus a separate $27,592.78 for unpaid super guarantee charges; NAB $975,000; Yuan-Sheng Xie $158,610; and SOAC about $50,000.

Dozens of trade creditors are also allegedly owed smaller amounts of typically between $177.82 – $5843.07.

49 Wilmont Rd, Huonville Huon Valley Seafoods

Unsecured trade creditors allegedly left out of pocket by the collapse include Howrah Plumbing, Chris Oates Painting Contractors, Kibbey & Cooper Pty Ltd, Walker Designs, and Caled Containers, among others.

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Other unsecured creditors in the $800 – $7500 range include TasWater, Aurora Energy, four separate state government departments, the Environment Protection Authority, Huon Valley Council, and the Tasmanian Chamber of Commerce and Industry.

Liquidator Louisa Sijabat, of Sydney firm Merchants Advisory, previously told the Mercury that business operations had “declined” over the last few years, fuelled in part by a “significant falling out” between the company’s founders and a Melbourne-based investor who came aboard in 2021, Fin Capital Pty Ltd.

Mr Coad and Mr Oates, who founded Huon Valley Seafoods in 2000, ceased having an involvement in the day-to-day management of the business in May 2022, after Fin Capital took on a majority stake in the company.

Huon Valley Seafoods co-founder and former chief executive Ambrose Coad. Picture: Facebook

Mr Coad and Mr Oates were replaced as directors by Fin Capital director and sole shareholder Ling Pu, and Yuan-Sheng Xie.

The founders have returned to the business temporarily to undertake operations at reduced capacity in order for Ms Sijabat to market Huon Valley Seafoods as a going concern.

Options for the transaction include selling the business itself; just its plant and equipment, or a package deal that also includes the underlying real property – the 49 Wilmot Rd facility owned by SOAC.