B3 ‘traded in­sol­vent’

Port Douglas & Mossman Gazette - - NEWS -

THE ad­min­is­tra­tor’s fi­nal re­port on Bistro 3 has found in­di­ca­tions of in­sol­vent trad­ing since the com­pany stopped pay­ing su­per­an­nu­a­tion from 2009.

The re­port re­leased last week to cred­i­tors has rec­om­mended the com­pany be liq­ui­dated and ad­min­is­tra­tor David Ross from Hall Chad­wick said he had been ap­pointed one of the liq­uida­tors.

“The liq­uida­tor re­leases any as­sets of the com­pany and in­ves­ti­gates into af­fairs of the com­pany, if any of­fence has been iden­ti­fied it will be re­ported to Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion,” he said.

“It ef­fec­tively spells the end of the com­pany, at the end of that there will be a fi­nal meet­ing and the com­pany will be dereg­is­tered, it’s a process that we need to go through that hap­pens over months.”

Mr Ross is pre­dict­ing the whole process will take six months to com­plete and said they will look fur­ther into Bistro 3 not pay­ing su­per­an­nu­a­tion but will take into ac­count the fact “di­rec­tors have cer­tain de­fences avail­able to them”.

“Su­per­an­nu­a­tion is a pri­or­ity claim against the com­pany and at this stage we will fa­cil­i­tate pay­ment of em­ploy­ment en­ti­tle­ments through (GEER) schemes but un­for­tu­nately it doesn’t pay su­per­an­nu­a­tion,” he said.

The news is also bleak for any sup­pli­ers or busi­nesses owed money.

Mr Ross said “there won’t be a re­turn to un­se­cured cred­i­tors”.

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