Covid cooks popular Coast teppanyaki bar company
A once-popular Asian restaurant in the heart of Maroochydore's entertainment strip has shut its doors for good after its parent company went bust owing about $1.4 million.
Liquidators were appointed on Friday to wind up Akane Pty Ltd, which had traded as Akane Teppanyaki and Whisky Bar, a large restaurant which had operated on Ocean St.
Jarvis Archer of Revive Financial was appointed as external administrator to conduct the liquidation of the company directed by Paul Lap Po Chan of Tewantin.
Mr Archer said Mr Chan had advised that the business had stopped trading on March 16 last year, after the introduction of COVID-19 restrictions and did not reopen.
The business had opened on January 11, 2019, but 15 months later it was finished.
Mr Archer said the advice he'd received was that the main reason for the company's financial difficulties was the COVID-19 restrictions, which had "severely impacted the ability of the business to trade".
Mr Chan's report on the company's affairs showed creditor claims totalling just more than $1.408 million.
The debts were made up of $270,000 of priority employee entitlements, $200,000 owed to the Australian Taxation Office, $760,000 owed in loans and to funders and $178,883 owed to trade creditors and suppliers.
Mr Archer said there were eight staff owed entitlements, which would likely be paid by the Federal Government's Fair Entitlements Guarantee scheme.
He said former employees may also be eligible for assistance under the scheme and anyone affected was advised to contact Mr Archer's office for information about lodging their claim.
"We have commenced our statutory investigations in order to issue our detailed report to creditors within three months of the liquidation commencement," Mr Archer said.
"There will not be any sale of the company's business or assets."
The Daily has attempted to contact Mr Chan.
In January, 2019, the Daily spoke with Mr Chan ahead of the much-anticipated opening.
He said chefs had been flown in from around the world to deliver the authentic Japanese dining experience.
Bookings had poured in ahead of the opening, but 14 months later the business was force to close its doors due to the pandemic.