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