IN LIQUIDATION: Family-run boating business hits rock bottom
A "TOUGH financial climate" has plunged one family-run business into liquidation only five years after it first set sail.
Chad Rapsey of RapseyGriffiths Insolvency and Advisory was appointed liquidator of Bundaberg Port Marine Services Pty Limited on March 20.
Mr Rapsey said the investigation into what caused the small business to go under had begun but would take up to three months to complete.
As it was still early days, he yesterday told the NewsMail it was too early to make suggestion or comment on what led to the business's demise.
"The preliminary investigation is for collating information from government bodies, records and bank statements," he said.
"As liquidator of the company, I have a duty to investigate (its) affairs. I am in the process of ... reporting to the corporate regulator, the Australian Securities and Investments Commission."
Bundaberg Port Marine Services Pty Limited offered boat building and marine industry services such as sand blasting, painting and repairs.
The company frequently shared before and after photos of the vessels it serviced, many of which showed big improvements.
Director and shareholder of the business Anthony Rees said he had worked at the port marina for 25 years in a similar field before he embarked on his next adventure and opened the company.
He said a "tough financial climate" was one of the reasons behind his business's liquidation.
"Bundaberg is a terrible place financially right now," he told the NewsMail yesterday.
"There's a lot of businesses in the same position."
Since starting his investigation, Mr Rapsey said he was aware of five creditors who were owed a total of $195,563.39.
The Australian Taxation Office is the largest creditor in the liquidation and is owed $96,648.30, followed by Austsafe Super, which is owed $53,564.15.
AustralianSuper, Sunsuper and Westscheme are owed $39,673.38, $4865.27 and $812.29 respectively.
"At this preliminary stage a dividend to creditors appears unlikely, however, I will confirm this after I have completed by preliminary investigations," Mr Rapsey said.