Liquidators appointed to sort out Arabella's assets

BUSINESS BREAKDOWN

Victoria Stone-Meadows

Journalist

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LIQUIFIED: Arabella's Restaurant Port Douglas is officially in liquidation. Image: Victoria Stone-Meadows
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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, Brendan Nixon. 


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The report shows the company formally trading as Arabella’s as owing $207,046 to a two-page-long list of creditors.

However, this figure is likely to increase following a creditor meeting to be held on 20 February where all parties owed money will be able to make a claim against the liquidated company.

The highest outstanding debts are for rent of the premises and to hospitality supply businesses. 

Mr Nixon said his business is investigating rumours of potentially unlawful behaviour regarding some company assets.

“We have received some tips that assets were relocated from the premises after the company was put into liquidation,” he said.

“That of itself is unusual seeing as it was voluntary so we are following up to ascertain if anything was taken and if it is reflected in the banking records and asset records.”

Mr Nixon said the removal of company assets from the premises could potentially be unlawful but more information is needed before he could say for sure.

“If assets have been removed from the premises and they belonged to the company and the director hasn’t accounted for those, then that would be theft,” he said.

“Typically, as the administrator, we would report that to police and have a claim made against the director or whoever misappropriated the assets.” 

Mr Nixon said the liquidator’s investigation is unlikely to interfere with the Fair Work Ombudsman’s ongoing investigation.

SM Solvency Accountants will be releasing a second creditor report in the next three months that will include the prospects of those owed recovering some of the debts.

Creditors and parties owed money from the company formally trading as Arabella’s can contact SM Solvency Accountants on 07 3832 6816 for more information about claiming a debt.

While the creditor's meeting will be held in Brisbane, creditors will be bale to dial into a tele-conference from wherever they are to lodge their claim of debt. 

The Australian Securities and Investment Commission website still shows Baby Port Douglas Pty Ltd (My Italian Baby) has a registered company.

 

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