UPDATE: Gladstone-based quarry company collapses over tax debt

UPDATE: Butlers Yarwun Quarries Pty Ltd are the new owners and operators of the business, formerly operated by Yarwun Quarries Queensland Ltd Pty.

There are no questions surrounding Butlers Yarwun Quarries Pty Ltd, who are operating strongly and are not in liquidation.

The two companies are not connected.

The Observer apologises for any confusion the article may have created.

Earlier: ANOTHER business has bitten the dust in the Gladstone region.

Rodgers Reidy have been appointed as liquidators of the company formerly known as Yarwun Quarries Queensland.

Although the company is in liquidation, the quarry is still running.

Liquidator James Imray said Yarwun Quarries Queensland was wound up via an application filed in the Federal Court of Australia by the Deputy Commissioner of Taxation because of its failure to pay its Running Balance Account Deficit Debt to the Australian Tax Office.

"We have completed our investigations into the company's affairs and determined that the only realisable assets are debtors of approximately $18,000," he said.

"The company sold its quarry business prior to being wound up, and the majority of sale proceeds were received by ANZ under its security interest.

"I note in this regard that one debtor has paid in full and the remaining debtor of approximately $14,590 is paying its debt via monthly instalments."

Mr Imray said there was a further potential asset of about $7000.

He said these were funds held in trust which may be returnable to the company in liquidation.

"Our investigations indicate that whilst claims may exist against the director for insolvent trading and against related companies for loan repayments received, these parties do not have the capacity to pay any claims made against them," he said.

"The director's estate is in bankruptcy."

Mr Imray anticipated the liquidation would be finalised in about April/May next year.



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