Nearly 18 months after it closed its doors, a report to creditors paints a bleak picture of the financial state of fallen Sydney restaurant Fish Face. The onetime seafood jewel owed creditors in excess of $600,000 when it ceased trading in May 2015.
"My view is that the company was insolvent from at least the financial year ended June 30, 2014," liquidator Andrew Cummins, from BRI Ferrier, states.
"The company, despite high turnover, failed to generate a profit in the two years leading up to liquidation," Ferrier also investigated the sale of the business prior to its appointment for $1 and accusations a director of the company may have received personal benefit.
After filing its report, ASIC advised the liquidator it did not propose to conduct any further investigations into the affairs of the company or the conduct of the director.