Sydney nightclub and restaurant enters liquidation
Sydney nightclub and restaurant The Carter Sydney’s debt of more than $700,000 has facilitated its collapsed.
The venue’s parent company GKIII Hospitality Group Pty Ltd is now in liquidation by order of the NSW Supreme Court.
The restaurant was “inspired by New York’s signature architecture and food”.
Ozem Kassem of insolvency firm KPT Restructuring has been appointed as the liquidator.
While the operator did attempt to turn its fortune around by bringing in restructuring practitioners, the restructure failed and creditors were still owed money.
KPT Restructuring is now trying to determine whether further debt has been incurred.
The Carter Sydney reportedly has multiple creditors, including the Australian Taxation Office, which is owed nearly $600,000. Among this amount, $85,000 stems from a superannuation guarantee penalty, suggesting potential outstanding payments to staff. Additionally, the superannuation regulator, APRA, is owed an additional $8,000.
The second-largest creditor is the credit card company American Express, owed $73,000. Other creditors include a DJ service and the Workers Compensation fund.
Jonathan Jackson, 8th February 2024
