Two linked South American restaurants near prominent Sydney beaches have gone into liquidation, with one closed after the other was forced into wind up by the Federal Court.
Nikkita Group, a Peruvian and Japanese fusion venue in Manly and Bar Conys, which traded as a South American bar and restaurant in Cronulla, have both gone into liquidation, with the Manly venue’s equipment sold at auction last week.
Both companies shared a common sole director, Constanza Lorena Henriquez Maldonado, who was also a part shareholder.
Nikkita Group closed and went into voluntary liquidation last month, after the Federal Court approved an application from the Australian Taxation Office to wind up Bar Conys in February.
A report lodged with ASIC earlier this month showed Bar Cony’s owed about $324,016 in debts.
Unsecured creditors were owed the bulk of the debts, with trade creditors owed $43,670 and another creditor owed $257,769 the report from liquidator Bruno Secatore from SSB Advisory said. A liquor supplier was listed as a secured creditor, owed $7286.
The tax office had issued a statutory demand in September, which said the company owed a $15,288 penalty for not paying workers’ superannuation, the report stated.
The sole director, Ms Maldonado, previously advised the company had failed because of bookkeeping records which weren’t maintained and an inability to pay off tax debts in a timely manner, the report noted.
The liquidator added other reasons contributed to the collapse, including that the company had insufficient assets to pay outstanding debts, poor books and records, and limited funds to pay company debts.
The liquidator recovered $8364 cash from a bank account and he had also engaged solicitors to help recover the $18,000 bond for the rented site, the report said.
The liquidator warned Bar Cony’s was likely insolvent from June 30 2023 and he would conduct further investigations into a potential insolvent trading claim.
He also wrote the company’s accounts did not appear to be maintained in line with legal requirements, as the balance sheet recorded “multiple significantly overstated assets” including equipment, fixtures and fittings.
The director may have also breached her duties, which included failing to maintain adequate records and failing to assist the liquidator, the report said.
Creditors were unlikely to receive any money back, the liquidator wrote.
It was estimated the liquidation would be complete within the next six months, subject to investigations and further recovery actions.
News Corp has contacted the companies and director for comment.