Ten Four Ads Agency on the Gold Coast has gone into liquidation with liabilities estimated at $1,792,598.
Liquidator Liyan Tay of tax and advisory firm Vincents believes unsecured creditors of the Mermaid Beach agency are unlikely to get any returns.
The agency, which specialised in digital web-marketing and branding, had been making losses since 2022, according to documents lodged with corporate regulator ASIC.
Sole shareholder and director Thomas Hiscocks had previously advised that the agency ceased trading due to the “prolonged impacts” of the COVID-19 pandemic and ongoing “economic pressures”.
The company entered voluntary administration in March this year. However; a winding-up application had already been made by the deputy commissioner of taxation.
The liquidator said the company had about $167,843 outstanding for compulsory superannuation contributions.
“The company has incurred trading losses since the end of FY 2022, indicating inadequate profit margins as revenue was insufficient to meet operating expenses,” the liquidator said.
“Based on the information presently available, it does not appear likely that there will be sufficient recoveries made in the liquidation to enable a dividend to priority and ordinary unsecured creditors.”
From the report by the liquidator:
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