Full list: 36 Qld companies collapse in 28 days

 

Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month.

There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month.

Revive Financial partner Jarvis Archer said his office had seen an increased number of insolvency appointments and inquiries in February with the impact of COVID-19 cited by most company directors as the cause of their financial troubles.

"Some businesses have remained closed since the early onset of COVID restrictions in March 2020," said Mr Archer.

"Others have reopened but have been unable to return to profit following a dramatic decline in ongoing revenue."

Hospitality businesses continued to suffer, with those in the CBD and inner-city suburbs of Brisbane being hit as large numbers of office workers remained at home.

All up, there were 32 Queensland companies put into liquidation and four companies appointed voluntary administrators, according to Australian Securities and Investments Commission data compiled by The Courier-Mail.

Liquidators or administrators were appointed to 36 Queensland companies in February.
Liquidators or administrators were appointed to 36 Queensland companies in February.

Mr Archer was appointed liquidator last month of Sunshine Coast-based Akane, which had traded as Akane Teppanyaki and Whisky Bar.

Separately, Queensland-based MotoX, which operated Outback Adventure Treks in partnership with another company GoodBlokes Australia, ceased trading earlier this month after COVID-19 restricted travel across state borders.

"Tourism, particularly in North Queensland which relies heavily on international visitors, also continues to have an uncertain future," said Mr Archer.

"Other sectors such as construction, transport and retail appear to be doing relatively well."


The end of JobKeeper was expected to trigger a wave of insolvency appointments while the Australian Taxation Office was now taking steps to recover its debts.

"To date, the ATO has been willing to negotiate generous payment arrangements and interest-free periods," said Mr Archer.

"However, activity to collect outstanding debts has increased, focussing on companies owing large amounts that are not attempting to meet their obligations.

"The question is whether the ATO recommencing action, will also lead to banks and financiers also taking steps to deal with their overdue accounts."

There had been growing interest in the Federal Government's new small business restructuring process but given the potential impact of the process on credit ratings, business owners were approaching it cautiously.

QLD LIQUIDATIONS FEBRUARY

N1 Investments Pty Ltd

ACN:167 883 034

Garden Sparkle Pty Ltd

ACN: 613 261 537

SMA Industries Pty Ltd

ACN:164 548 065

Trans Tasman Tyres Pty Ltd

ACN: 609 700 147

Australian Crane & Machinery Pty Ltd

ACN:111 382 784

Digital Infrastructure Pty Ltd

ACN:112 477 353

Taxis Qld Pty Ltd

ACN:164 425 352

BWTM Pty Ltd

ACN:103 545 035

A.B.C. Bodyworks Pty Ltd

ACN:009 701 973

Milton Seafood Pty Ltd trading as Sea Fuel Milton

ACN:632 395 727

46 James Street Pty Ltd trading as Beaux Rumble

ACN:628 914 803

QSEC PTY LTD

ACN:601 386 681

Dornoch Nominees Pty Ltd

ACN:629 297 132

Pre Ed Pty Ltd (In Liquidation)

ACN:169 760 221

Arenkay Designs Pty Ltd

ACN:081 084 102

Sarafire Pty Ltd

ACN:146 994 452

HINCHINBROOK ISLAND PTY. LTD.

ACN:010 326 879

NU HEALTHY CAFE FORTITUDE VALLEY PTY LTD

ACN:625 446 166

Bohle Pipe Fabrication Pty Ltd

ACN:115 413 146

Cassmio Holdings Pty Ltd

ACN:139 651 237

MOTO X PTY LTD trading as Outback Adventure Treks

ACN:624 012 880

AKANE PTY LTD trading as AKANE TEPPANYAKI & WHISKY BAR

ACN:626 069 207

Central Apartment Group (QLD) Pty Ltd

ACN:126 247 292

Australian BioRefining Pty Ltd trading as ABR Process Development

ACN:110 454 254

DANIEL'S KITCHENS PTY LTD

ACN:118 620 876

Joseph's Hungarian Langos Pty Ltd

ACN:639 242 229

Artios Corporation Pty Ltd trading as Artios Optometry

ACN:636 644 605

Fuzion Lighting Pty Ltd

ACN:168 664 917

HOWRON PTY LTD

ACN:123 013 589

Greenlees Estate Pty Ltd

ACN:609 947 364

TROPICAL FISH LOGISTICS PTY LTD

ACN:629 393 871

Harvest Home Improvements Pty Ltd

ACN:061 532 778

QLD ADMINISTRATIONS FEBRUARY

Star Business Group Pty Ltd trading as Huss's Grill Cafe

ACN:607 107 666

GABRIEL FAMILY HOLDINGS PTY LTD ATF THE GABRIEL FAMILY TRUST ABN 51 527 468 959 trading as GABRIEL GROUP (QLD) AND SLASH N SLIP

ACN:130 519 452

EBONY PROPERTY GROUP PTY LTD

ACN:604 956 550

Gulf Aboriginal Development Company Ltd

ACN:080 906 805



Vaccine blow: How long until life in Qld returns to normal

Premium Content Vaccine blow: How long until life in Qld returns to normal

Queensland could stay this way for a long time yet

Cranky shopper in meltdown strife

Premium Content Cranky shopper in meltdown strife

The man was reportedly irate when he removed his shirt trying to engage another...

Wivenhoe Dam still thirsty amid slight top-up

Premium Content Wivenhoe Dam still thirsty amid slight top-up

According to Seqwater, Wivenhoe now sits 40.9 per cent capacity and Somerset Dam at...