Jetsetting liquidation boss cops talkback radio wrath
UPDATE 4.30pm: 2GB broadcaster Ray Hadley has weighed in on the conversation sparked following the Daily's revelations Mooloolaba restaurateur Todd Young's company went into liquidation owing hundreds of thousands of dollars only days before he was holidaying in Las Vegas.
"It's a bit rich really," Hadley said during his national morning show today.
"I'm sure the creditors aren't happy, nor should they be."
Meanwhile hospitality workers' union United Voice has encouraged others to join a union and educate themselves about their rights, to try and prevent future workers suffering similar fates.
About 120 former employees are owed about $125,000 in unpaid superannuation, while Mr Young's company, Todd Young Investments Pty Ltd went into liquidation on December 29 owing more than $738,000 to unsecured creditors.
Mr Young has again been unable to provide comment to the Daily today despite more attempts to make contact.
UPDATE 12.30pm: A NUMBER of the Daily's readers have taken to our Facebook page to vent their frustration after yet more workers have suffered with a prominent local restaurateur's company going into liquidation.
The Daily broke the news this morning of the demise of Todd Young Investments Pty Ltd, directed by Todd Young, who operated through a trust the Bella Venezia restaurant in Mooloolaba.
The collapse of the company means 23 unsecured creditors are owed more than $730,000 while early investigations have revealed about 120 former staff are owed about $125,000 in unpaid superannuation.
Rebecca Morgan was dubious as to how much money, in the event they do see some, employees would actually receive.
Carissa Dow said it was an all-too frequent occurrence these days.
"Staff not getting paid super is all too common."
Rita Krause agreed, claiming the system needed to be tightened.
"Yes, the ato is very soft and way too lenient in this area. Penalties are not harsh enough to deter employers from not paying super," she wrote.
While a number of others shared their own stories of missed super in other failed ventures.
A PROMINENT Mooloolaba restaurateur was holidaying in Las Vegas just days after winding up his company, leaving almost $750,000 owing to unsecured creditors and about $125,000 in unpaid staff superannuation.
Todd Young, director of Todd Young Investments Pty Ltd, operated Bella Venezia, a restaurant at Mooloolaba, and BV Pizzeria at Kawana Island through a trust.
He decided to wind up his company on December 29, 2015, owing $738,218 to 23 unsecured creditors.
Just days later, he and his partner Kristine Ruth, an account executive with Channel Seven, were holidaying in Las Vegas.
Facebook posts show them visiting Mr Chow on the Las Vegas strip on December 30 last year and the Gordon Ramsay Pub and Grill at Caesar's Palace on December 31.
The restaurant continues to operate.
While creditors were coming to terms with the possibility of losing thousands of dollars, Facebook posts also showed the couple posing beside a helicopter in what appears to be the Grand Canyon.
Among the debts left by the company are almost $400,000 owed to the Australian Taxation Office and $75,000 to the Commonwealth Bank, according to a creditors report dated December 30, 2015.
Mr Young himself is seeking almost $30,000 as an unsecured creditor while the company owes another $45,294 to a range of other businesses including Coast seafood, hospitality and other suppliers.
Anne Young, believed to be Mr Young's mother, is also listed as a creditor owed $190,050 related to loans provided to the company, although liquidator Travis Pullen said further investigation was required into those claims.
Initial investigations undertaken by the liquidator have revealed about 120 former employees are owed about $125,000 in unpaid superannuation, a figure which could rise should any penalties or interest be imposed.
Liquidator Travis Pullen, who was appointed on December 29 by Mr Young, director and full shareholder of Todd Young Investments, said he was unaware of any outstanding wages or other entitlements at this stage.
However, he noted that it was early days in the process, his appointment having only been ratified on January 8 at a creditors' meeting.
"The Kawana location was sold some time ago and the Mooloolaba location was sold just prior to Christmas," Mr Pullen explained.
"For confidentiality reasons, I am unable to disclose the identities of the purchasers of the restaurants.
"As there are insufficient funds available to pay all liabilities of the company from these sales, the director has determined that the company should appoint a liquidator."
The Daily can reveal Mr Young's partner, Ms Ruth, registered a business named "Bella Venezia" on December 14 last year through her company.
According to Australian Securities and Investments Commission documents, the business is listed at the same address as the Bella Venezia restaurant.
Ms Ruth is director and full shareholder of "BELLA VENEZIA GROUP PTY LTD" which was registered on October 8 last year and is currently listed on ASIC documents as business name holder of "Bella Venezia".
The business name registered by Ms Ruth's company has its principal place of business currently listed at 95 The Esplanade, Mooloolaba, the site of the Bella Venezia restaurant.
Mr Pullen said it was too early to say if there would be enough money to pay outstanding employee entitlements, which are prioritised over trade creditors.
Investigations into the trading activities of Todd Young Investments were ongoing and he encouraged other affected staff to come forward.
"Due to the often transient nature of the hospitality industry, I would expect that a number of these employees have moved since they ceased employment with Bella Venezia," Mr Pullen said.
"I encourage any employee who has not received a notification of my appointment, to contact TJP Advisory on 1300 SOLVENT."
Mr Pullen said investigations were continuing into whether Mr Young had allowed his company to trade while insolvent.
Mr Young did not return the Daily's calls or emails.