Brett Lee’s failed Sydney Beer Co owes creditors | Australian Markets
Australian cricket legend Brett Lee’s failed Sydney Beer Co owes more than 60 creditors almost $10 million, together with $1.3m to the Australian Taxation Office and a charity based by fellow ex-paceman and teammate Glenn McGrath.
Sydney Beer Co — co-owned by actor and author Matt Nable — appointed RSM Australia as directors in early March, simply six months after it raised more than $6m to fund its growth into the US.
The minutes of the primary creditors’ assembly filed with the Australian Securities and Investments Commission has now revealed a complete of $9.76m was owed to 64 creditors.
An entity operated by Sydney Beer Co chair David Catterrall is its largest creditor, owed simply over $6.2m through a associated get together loan.
The Deputy Commissioner of Taxation is owed almost $1.3m, whereas business platform group Spenda Co — the one secured creditor listed — is owed $280,000.
The McGrath Foundation — a charity began by cricketing great Glenn McGrath after his spouse Jane died from breast most cancers — is owed $33,000.
According to its web site, Sydney Beer Co merchandise are bought in more than 350 venues and in retailers together with Endeavour-owned Dan Murphy’s and BWS, in addition to impartial liquor shops.
RSM’s Brett Lord stated Sydney Beer Co administrators have indicated they’d put ahead a deed of company association proposal.
“In liquidation process there is unlikely to be sufficient assets realisations available to pay to any class of creditor in full,” he stated.
“The administrators will continue with further investigations on affairs of the company.”
Other creditors named within the minutes embody Pegus Bookkeeping, Global Horizon Imports, Unique Cleaning Co and Liquor Stax.
Mr Lee was one of Australia’s most profitable fast bowlers, taking 310 wickets in 76 Test matches between 1999 and 2008.
Sydney Beer Co is the latest drinks company to succumb to a slowdown in shopper spending and heavy will increase in authorities excise.
Prime Minister Anthony Albanese promised to put beer taxes on ice for 2 years from August. The draught beer excise often will increase twice a 12 months, with the newest hike of simply over one per cent initially of February.
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present each day updates to make sure you have entry to the freshest info on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the longer term of Australia’s financial system! Visit us commonly for probably the most participating and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the Australian financial panorama.
