Restaurants’ lifeline under sale proposal

THREE restaurants that were closed suddenly last month may have a second chance with liquidators looking to sell the eateries.

Manhattan on Hope, New York New York and Tiffany’s Cafe and Cocktails closed on the same day last month after operator Pacific Holdings Vanuatu went bust.

McGrath Nicol partner Anthony Connelly, who was appointed liquidator by the Federal Court, said he was looking into potential buyers for the restaurants.

“I have been contacted by a number of parties that have expressed interest in purchasing these businesses and am currently working with the lessor with a view to determine the marketing strategy for the businesses,” he said.

Mr Connelly said he under- stood the eateries had been marketed for sale before them going bust.

A buyer for Manhattan on Hope pulled out in the days leading up to the sale after hearing rumours about the financial positions of owner JoAnne Crestani.

The pair have gone to ground since Ms Crestani’s partner, Randall McFie, was photographed cleaning out the restaurants when they closed.

The company’s registered address was a Sovereign Island mansion Mr McFie sold for $3.3 million in January.

The Bulletin revealed Tuesday the restaurants were operating under nearly $4 million in debt. The company was forced into liquidation last month after the Australian Taxation Office made a claim for more than half a million dollars in unpaid taxes.

Mr Connelly said the full financial position of the company was being determined.

He was still searching for the company’s assets, books and records and if any of the assets had been sold.

“I have commenced my investigations into the affairs of PHV. These investigations are preliminary only at this stage,” he said.

As a part of those investigations, Mr Connelly said steps were being taken to ensure all employees were paid the more than $14,000 owed to them.

Employees told the Bulletin that in the weeks leading up to the closure they were paying for stock in order for the restaurant to open.

A letter was sent to all former staff members of the restaurants last week explaining the process.

Former employees are unlikely to be paid until all creditors are paid.

Mr Connelly encouraged creditors to contact him.