Award-winning security business collapses into administration after ATO wind-up order

Award-winning security business collapses into administration after ATO wind-up order

 

An award-winning security services company in Adelaide has collapsed into voluntary administration following a wind-up order by the Australian Taxation Office.

Security Electrical Solutions has been trading for more than 10 years and specialises in installing and maintaining CCTV cameras, intruder alarms and other security systems on commercial properties.

The business has worked for some of Adelaide’s largest electrical contractors, along with government departments and various shopping centres.

In the past few years the business has installed security systems in the Rowlands apartments in Adelaide’s CBD as well as the Elizabeth Police Station in Adelaide’s northern suburbs.

Security Electrical Solutions has also won a National Electrical and Communications Association award for its work on the South Australia Aquatic and Leisure Centre.

The project, which was valued at around $130 million, saw the business install a fully-integrated surveillance system and smartcard access for staff and customers.

Nick Cooper and Raj Khatri from Worrells Solvency & Forensic Accountants were appointed administrators of Security Electrical Solutions yesterday.  

ASIC records also show the company was subject to a winding up application which was initiated by the Australian Taxation Office in June.

ATO wind-up orders lodged against small businesses are at a record high, with the tax office applying to wind up 396 businesses in July.

The number of small businesses being wound has led to one insolvency practitioner describing the ATO’s actions as resulting in “carnage” in the sector.

SmartCompany contacted Security Electrical Solutions and Worrells Solvency & Forensic Accountants but did not receive a response prior to publication.

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