$280k in debt sinks ‘start-up’ rural business

Company was in ‘R+D phase’

TOOWOOMBA company Ausprout Group Pty Ltd owes $280,000 to creditors – of which company director Ryan Jeffrey Watts is claiming $200,000, according to the latest documents lodged with the Australian Securities and Investments Commission.

The company was placed in liquidation on April 29.

A Report on Company Activities and Property filed with ASIC shows Ausprout Group was a “start-up company” in its “R+D phase” with “no fixed assets of any value”.

Ausprout went into liquidation after construction, engineering, mining and agricultural services company Ahrens Group successfully applied to wind up the company in the South Australian Federal Court.

According to the latest report filed with ASIC, the company owes $48,000 in wages to Mr Watts, while as a creditor he is also owed $200,000.

Thompson Refrigeration is owed $8000, Warrego Water $1800, Uebergang Transport $6500, Coverdale Business Services $1600, and Ahrens Group is owed $62,326.

The ROCAP also shows the company is owed $72,500 from three debtors, and it owns some tools/drills, the value of which is described as “minimal”.

The company’s registered principal place of business was 509 South St, Harristown.

SV Partners’ Stuart Otway and Anne Meagher were appointed liquidators by the court.

Ahrens Group has advised Mr Otway they supplied four silos to Ausprout Group Pty Ltd in 2018.

Australian Investments and Securities Commission documents show Mr Watts held 600 shares in the company, while the remaining 400 were held by Wyreema-based Gradon (QLD) Pty Ltd.