Workers have been left with unpaid superannuation after a cafe in an upmarket Brisbane suburb was sold earlier this year, as the liquidator of the previous owner’s company investigates the sale.
ACCOUNTANTS will investigate if the sale of a Bulimba cafe to a relative of its previous owner was at fair market value as workers are left with unpaid superannuation.
Ambrosia & Co, a mediterranean cafe, bar, grill on the upmarket Oxford St shopping strip was sold earlier this year, and the company that sold it went into liquidation this month.
SM Solvency Accountants’ Brendan Nixon has been appointed liquidator to Ambrosia & Co PTY LTD, which previously owned the cafe.
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Mr Nixon said the company sold its cafe and restaurant business in March and he was appointed liquidator on April 8.
“I understand the sale was to a related party of the director (of the company),” he said.
“The sale proceeds were insufficient to pay of the liabilities of the company, hence the company was put into liquidation by the director.”
Mr Nixon said he would investigate if the sale price reflected the market value of the business including its tangible and intangible assets, like goodwill.
“(This) is particularly important when the sale is to a related party,” he said.
He said he could not yet put a dollar value on the amount owed to creditors, which included the Australian Taxation Office.
Mr Nixon said a component of the tax office’s claim would include a claim for unpaid superannuation for employees.
“Our focus is on gathering the company’s records and on starting investigations,” he said.
“In terms of what we’ll be doing, we’ll be aiming to issue our first report to creditors within the next week.”
He said he understand at least some employees had been kept on by the new owners.
The new owners of Ambrosia and Co. have been approached for comment.
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