The impact of COVID-19 lockdown restrictions on Australia’s tourism sector has hit Queensland the hardest, with the state recording nine of the top 10 for mortgage deferral hotspots. An analysis by global information solutions company Equifax revealed that when COVID-19’s first wave hit Australian shores, residents living in regions with tourism-dependant economies struggled to maintain…
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
Are you looking for company liquidation support in Noosa? At Company Liquidation Noosa we understand that insolvency hurts. It is a stressful time that only feels worse knowing that there is no time to rest and reflect, because company directors must act as soon as possible when faced with insolvency or risk a range of…
A Brisbane tapas bar, a cocktail bar and two bakeries have been put into liquidation as the COVID-19 crisis continues to bite food and hospitality businesses. A BRISBANE tapas bar, California-inspired cocktail bar and two Far North Queensland bakeries have been put into liquidation as the COVID-19 crisis continues to bite hospitality businesses. In a…
A HEALTH food store which made ‘no sales’ for two financial years has blamed its collapse on a former employee’s misappropriation and failed plans to expand into Byron Bay, according to an administrator’s/liquidator’s report. Blessed Health Foods operated at Bundall on the Gold Coast and Byron Bay in northern New South Wales before it was…
Brisbane-based SM Solvency Accountants have been appointed liquidators for the company formally traded as Arabella’s Restaurant. The company went into voluntary administration on Wednesday, 30 January, meaning the business owners formally shut down the company themselves. The initial creditor report was signed off and sent to creditors on Friday, 1 February, according to SM partner,…
The British-inspired eatery received positive reviews online, but the liquidator appointed to the company has revealed why the pub has already closed its doors. A BRITISH-inspired pub based at Paddington’s trendy Rosalie Village precinct has closed after high costs drove it into liquidation just nine months after it opened. The Brass Barrel launched in March…
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…
An administrators report has shed some light on how Melbourne-based unlimited NBN retail service provider Mungi sank into voluntary administration only a year after it was founded. Mungi called in SM Solvency Accountants in November, blaming the inability to achieve the scale required to compete in the NBN market for its collapse. “We’ve tried our…
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