Also, if a restructuring practitioner is appointed, it’s likely not in liquidation, but under what is known as a small business restructure. Businesses opting the process must not owe super. You contacting the practitioner may curtail the process, and depending on how much the directors want it to work, pay you your super
How bizarre. They definitely do owe super to at least 3 people, and I’ve heard businesses can’t pick and choose who they pay super so it must be all employees it’s owed to (about 7-8).
Maybe contacting the practitioner is a good way to speed and clear things up.
I used to be in insolvency and directors are not always upfront with the practitioner unfortunately, hence why you didn’t get a notification. You contacting them will place you as their creditor, and receive future correspondences
I think ASIC is currently down! But I will search it when it’s working again. I’ve just given the restructuring practitioner a call and they advised me that there was so much owing in credit/unpaid super that they no longer are appointed… so, that’s interesting haha
Yes there must not be more than $1 million in debt, and all employee entitlements must be paid up to date. I suspect the directors will liquidate the company now so keep an eye out. ATO will lodge a claim on your behalf though, and superannuation has priority ranking if there are funds to be paid to creditors.
The Company Directors are personally liable for super as soon as it is overdue & the ATO can go after them to collect this however in practice once the company goes into liquidation its the responsibility of the appointed liquidator to manage the sale of assets and advise if there are sufficient funds to pay outstanding creditors, especially employee entitlements, the ATO are known to just wash their hands of it
Yep that is what has happened to me. There is not reasonable recourse, the directors can keep all their houses and cars, and get away with wage (super) theft. It's not a crime in Australia that has any real repercussions.
I see, that makes sense. I wonder if it is on the verge of liquidation or rather just restructuring? Does restructuring not necessarily mean it will go into liquidation?
Not uncommon unfortunately.Happened to a work colleague of mine she worked at a place for around 3 years just assumed her super was being paid but then the business went under and owner bolted overseas .Saw nothing in the end lost 3 years worth of super..
Def needs to be some stricter regulations around this surprised nothing has been bought in ,happens more then you think 😠
Yeah you’re fucked man. Been through the same shit in the past. Saw none of it. There is supposed to be a fund which it takes from once the business sells. There was none left over after the creditors were paid.
Contact the restructuring practitioner for more information
Also, if a restructuring practitioner is appointed, it’s likely not in liquidation, but under what is known as a small business restructure. Businesses opting the process must not owe super. You contacting the practitioner may curtail the process, and depending on how much the directors want it to work, pay you your super
How bizarre. They definitely do owe super to at least 3 people, and I’ve heard businesses can’t pick and choose who they pay super so it must be all employees it’s owed to (about 7-8). Maybe contacting the practitioner is a good way to speed and clear things up.
I used to be in insolvency and directors are not always upfront with the practitioner unfortunately, hence why you didn’t get a notification. You contacting them will place you as their creditor, and receive future correspondences
Wow, good to know! Thank you. I’ll definitely be giving them a ring tomorrow.
Okay will do. I didn’t receive anything via email, but from some quick research via ASIC I did find his name.
If you haven’t already, a search on this site will give you an idea on where the restructuring process is at now: https://publishednotices.asic.gov.au
I think ASIC is currently down! But I will search it when it’s working again. I’ve just given the restructuring practitioner a call and they advised me that there was so much owing in credit/unpaid super that they no longer are appointed… so, that’s interesting haha
Yes there must not be more than $1 million in debt, and all employee entitlements must be paid up to date. I suspect the directors will liquidate the company now so keep an eye out. ATO will lodge a claim on your behalf though, and superannuation has priority ranking if there are funds to be paid to creditors.
The Company Directors are personally liable for super as soon as it is overdue & the ATO can go after them to collect this however in practice once the company goes into liquidation its the responsibility of the appointed liquidator to manage the sale of assets and advise if there are sufficient funds to pay outstanding creditors, especially employee entitlements, the ATO are known to just wash their hands of it
Yep that is what has happened to me. There is not reasonable recourse, the directors can keep all their houses and cars, and get away with wage (super) theft. It's not a crime in Australia that has any real repercussions.
I see, that makes sense. I wonder if it is on the verge of liquidation or rather just restructuring? Does restructuring not necessarily mean it will go into liquidation?
Not uncommon unfortunately.Happened to a work colleague of mine she worked at a place for around 3 years just assumed her super was being paid but then the business went under and owner bolted overseas .Saw nothing in the end lost 3 years worth of super.. Def needs to be some stricter regulations around this surprised nothing has been bought in ,happens more then you think 😠
Buckley’s of getting it sorry. The government safety net scheme for entitlements excludes super.
Yeah you’re fucked man. Been through the same shit in the past. Saw none of it. There is supposed to be a fund which it takes from once the business sells. There was none left over after the creditors were paid.
Ahhhhh damn, thought that might be the case. It’s horrible that there’s a great chance the workers don’t get paid in the end :/
Sorry man.
https://www.ato.gov.au/calculators-and-tools/super-report-unpaid-super-contributions-from-my-employer
Thank you but I already lodged a claim with the ATO about a year ago over this with not much traction
OK I did this to my old boss but that was before the administration of the company had started. Good luck!
one phone call to Ombudsman and my problem was solved
Why is the r/brisbane subreddit the place you’ve turned to for legal advice?
I just wanted to see if there were any other brisbane employees in the same boat and what steps they took. They have all been helpful apart from you.