A court has ordered a Gold Coast marketing outfit into liquidation after an administrator’s report concluded the business had debts of $1.8 million and made a number of questionable transactions, including nearly $470,000 that flowed into the director’s own bank accounts.
The Australian Taxation Office, which is the largest unsecured creditor, made an application to wind up Mermaid Beach-based Ten Four Ads Agency Pty Ltd, trading as Ten Four, in January.
On Wednesday, Judicial Registrar Geoff Segal granted the order, with a liquidator appointed to divide the company’s meagre assets between creditors, which include dudded employees.
In between the ATO’s application and Wednesday’s decision to wind up the company in insolvency, company director Thomas Hiscocks, 48, of Mermaid Waters, appointed Joshua Philip Taylor as voluntary administrator.
On April 11, Mr Taylor released a damning report into the company’s affairs, finding evidence of the non-payment of employee superannuation, insolvent trading, and uncommercial transactions, and unreasonable director-related transactions.
According to Mr Taylor’s report, the company is estimated to owe $1,815,281.31 – against assets worth just $23,084 – with the lion’s share…