Creditors vote to liquidate Sydney’s Bilson’s Restaurant as debts top $1 million

The Sydney hospitality scene was rocked by the voluntary administration of sister locale Number One Wine Bar last week. On Friday, creditors voted in favour for the companies to be wound up.

Liquidator Paul Burges, director of BRI Ferrier, says the creditors' meeting on Friday was attended by about 15 people, including representation form landlords, employees and general suppliers – the latter the hardest hit from the collapse.

Burges says the creditors are owed a similar amount to the $500,000 payroll tax bill, leaving north of $1 million owed by a business turning over $2 to $3 million annually.

"It was a high-profile business, but not a big business," Burges says.

Burges says while parties had expressed interest in the famed restaurant, a credible offer was not received.

Burges says the payroll tax bill managed to reach half a million dollars because Tony Bilson believed his accountant was taking care of his affairs.

"Tony's view was he had spoken to or engaged an accountant to look after compliance. It appears payroll tax wasn't on the radar," Burges says.

Questioned whether Bilson had something internally looking after these affairs, Burges replied: "Probably not to the degree that was necessary."

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written by fridge repair sydney, October 18, 2011

Wow I have been there once and that restaurant was really ritzy and they have a huge turnover but hey even Rick damilien in Leicchardt has gone under bad management and greed causes these companies to close and it's the little hardworking companies and businesses that suffer and take the brunt of it hey