Why Irish pub Liquidators believe bar traded insolvent
LIQUIDATORS of collapsed Surfers Paradise Irish bar Fiddlers Green believe the oncepopular pub was trading insolvent for at least six months before the business failed with debts of more than $500,000.
Fiddlers, on Cavill Ave, closed suddenly on August 7 and went into liquidation three days later, with Peter Dinoris, from Artemis Insolvency, appointed liquidator.
Its sole director and shareholder, Dublin-born Anthony Gerard Tormey, 59, was declared bankrupt on August 28.
The site has since been given a $2 million makeover and replaced with another Irish bar, Finn McCool’s.
Mr Dinoris intends to declare a first and final dividend to company creditors – who include the Australian Taxation Office, beer suppliers and 18 former staff – on May 17.
He said he believed the business had failed because of a lack of working capital and a downturn in trading.
“It is my opinion that the company was insolvent for at least six months prior to the date of liquidation,” Mr Dinoris said via email.
“The director is bankrupt and there does not appear to be any prospect of any dividend to his personal creditors.
“No recovery is likely from any insolvent trading claim.”
The liquidator said he’d filed a detailed report on the case with ASIC, which had opted not to take further action against the company or Mr Tormey.
The Irish pub opened in Surfers Paradise in 2007 by the Tormey family, including manager Graham Tormey, 34, Anthony Tormey’s son.
Graham Tormey is listed among the unsecured creditors of Fiddlers Green, with an estimated claim of $164,095, while director Anthony Tormey is himself a creditor, with an estimated claim of $154,789.
Other creditors include the Australian Taxation Office with $160,772 and beermakers Carlton United Breweries ($7736) and Castlemaine Perkins ($14,918).
Mr Dinoris said he was still waiting for proof of some debts to be lodged but expected the liquidation to be finalised by the end of next month.
Brisbane hospitality group Hallmark took on the site and opened in January with a Gold Coast version of its Fortitude Valley watering hole Finn McCool’s, promising a traditional venue with a contemporary feel dedicated to live music.