On 6 April 2018

On 2 April 2018, Morgan Lane of Worrells Solvency and Forensic Accountants was appointed, via a creditors’ voluntary liquidation to Kezra Pty Ltd trading as Michel’s Patisserie Yeppoon Central.

The director closed Michel’s Patisserie on Easter Sunday, 1 April. The café had been trading for 10 years in Yeppoon Central Shopping Centre, and at the time of closure had a several casual employees.

Worrells Rockhampton Manager, Michael Beck, said that the director has indicated that several factors contributed to the company’s insolvency and subsequent liquidation, including; high franchise fees and costs of goods; inadequate working capital; and continued trading losses.

The Australian Taxation Office is a major creditor in the liquidation with an estimated $270,000 owing. Outstanding employee entitlements appear to be mainly comprised of superannuation.

The liquidation is in its infancy, with Mr Lane calling for creditors to lodge a formal proof of debt via Worrells’ website (www.worrells.net.au).

The Worrells Rockhampton team is working on establishing the company’s financial position and realisation of the café’s plant and equipment.

The first meeting of creditors is scheduled for 30 April 2018.

Worrells has 25 offices nationally and 26 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for 45 years.

–ENDS–

Contact

Morgan Lane
Partner, Worrells Brisbane & Rockhampton
morgan.lane@worrells.net.au

Morgan Lane

Morgan Lane joined the firm in 1992 and became a full partner in 1996. His wealth of experience gained in both the private and public sectors adds further depth to our insolvency division. Morgan is a Fellow of CPA Australia accredited as a Specialist in Insolvency & Reconstruction, a Fellow of Chartered Accountants Australia and New Zealand and a Member of The Institute of Corporate Manager, Secretaries and Administrators.

T: (07) 3225 4330 E: morgan.lane@worrells.net.au

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