Webb’s Tekno owed $390,000 in liquidation

2018 Tekno Autosports Supercar with Tekno Effectiveness branding. Impression: Ross Gibb

The enterprise, previously recognized as “Tekno Overall performance”, of which Jonathon Webb was its sole director, has been voluntarily liquidated and owed the Australian Taxation Office environment (ATO) additional than $390,000.

ASIC (Australian Securities and Investments Commission) data show that a company named “ACN 605 532 107 PTY LTD” (hereinafter referred to as “Tekno General performance”) a few times in the past (Monday 19 September).

The corporation, formerly recognised as “TEKNO Overall performance PTY LTD”, was registered on April 28, 2015 to improve to its existing title, which seems to be derived from its Australian enterprise amount (ACN: 605 532 107), on September 25, 2019 .

Documents display that its sole director and secretary is “Jonathon Stephen Webb”, born in Sydney on 10 December 1983, and that its recent principal area of organization is 110 Ferry Highway, Southport, Queensland 4215, as opposed to 11 Queensland earlier 4207 Atala Dixon Avenue.

The Southport deal with matches particularly what seems to be presently traded as ‘Tekno Bespoke’, and the Yatala tackle of the former premises of Tekno Performance was also the place of the ‘Tekno Autosports’ supercar crew before shifting south as the ‘Sydney Team’.

Steven Neville Staatz was appointed Exterior Administrator for Tekno Overall performance last thirty day period (August 23).

The ATO is shown as a senior creditor and an unsecured creditor on the listing of creditors’ reviews integrated in the administrator’s filings with ASIC.

The figure for senior lenders was $44,784.67, when the figure for unsecured collectors was $346,917.63.

“Chosen lenders” are a specific category of unsecured creditors with employment legal rights, together with authorities-mandated super-secured contributions.

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Hence, the determine of $44,784.67 represents unpaid retirement benefits.

The ATO is the only senior creditor, but is also one of six unsecured collectors, such as “Jonathon Webb” himself, although the other 5 collectors each owe precisely $.00.

Of the five secured collectors, only one, “Stephen John Webb,” is owed, although that $65,000.00 figure is only listed under “Suggested” and not “ROCAP” (“Company Action and House Report,” which is ASIC in 2018).

Jonathan Weber

Notably, although “Tekno Bespoke” appears to have been buying and selling, the first recognize to creditors said that Tekno Performance ceased investing in February.

“The administrators disclosed in their report on business things to do and home (ROCAP) that the corporation experienced formerly furnished solutions for vehicle modifications,” examine in part under the “Enterprise Operations” area.

“The administrators also recommend that the business functions cease trading on 24 February 2022 owing to his sick health and the drop in the automotive providers market, which are concurrent with the COVID-19 pandemic.”

Having said that, according to Online registration data, the domain name “TEKNOBESPOKE.COM.AU” registered to “Kobe Gett TEKNO Discretionary Have confidence in” was previous modified on March 3, 2022.

In addition, “TEKNO BESPOKE PTY LTD” was registered with ASIC on 18 January 2022, 28 doing work days soon after Tekno Functionality/”605 532 107″ allegedly ceased buying and selling.

‘Jonathon Stephen Webb’, born 10 December 1983 in Sydney, also serves as a director, and his official principal spot of small business is in truth 110 Ferry Road, Southport, Queensland 4215.

That is, a enterprise with a incredibly related identify, in a comparable/very same company, with a prevalent director and frequent place of small business, registered a number of weeks before the company that is reported to be in liquidation ceased trading.

Although liquidation can from time to time be a respectable enterprise strategy, a sequence of functions advise that Tekno Bespoke’s registration may perhaps have been a deliberate transfer of company from just one corporation to a further to steer clear of meeting monetary obligations to personnel and the Australian Taxation Business office.

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This is normally explained as a “phoenix” exercise in the business.

ASIC’s personal site describes the practice this way:

“Illegal phoenix exercise occurs when a new organization carries on with minor or no benefit in the enterprise of an existing organization that has been liquidated or in any other case deserted to keep away from paying out exceptional debts, which might contain taxes, creditors and worker legal rights.”

In addition, ASIC has determined the following 6 “warning indicators” of illegal phoenix exercise.

  • The business goes out of company and are not able to fork out its debts
  • The company is renamed to the Australian Organization Number (ACN) and a new enterprise is registered, typically identical to the previous corporation title
  • A director or previous director transfers assets from an previous organization to a new firm at down below industry price
  • The new enterprise operates the similar or very similar enterprise as the old organization, from time to time on the very same premises, making use of the identical property and workforce
  • The new enterprise often takes advantage of the exact same bank accounts, advertising products, web site or get in touch with facts as the aged organization
  • The persons associated in controlling the aged enterprise control the new corporation.

Tekno’s business premises. Impression: Tekno Bespoke Facebook

Of system, the actions of the “Tekno Effectiveness”/”Tekno Bespoke” entity meets at minimum some or all of these details, and supplied the outdated “Tekno Effectiveness” arrears, it can be said that has/will match the initially one with it in comparison to current belongings.

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Particularly, in accordance to paperwork submitted with ASIC by Jonathon Webb as a director on 23 August 2022, Tekno Performance’s whole property in the lender are $32.20.

All other “property not specially matter to security pursuits,” including “plant and equipment,” do not have a listed valuation for them.

“Webb Management Pty Ltd” is the recent sole shareholder of the organization and its handle is also 110 Ferry Street, Southport, Queensland 4215.

Inside a yr, Webb bought the Tekno Autosports/Crew Sydney racing workforce to employ mogul Peter Xiberras.

When Tekno arrived at a higher amount in both of those Supercars and GT3 racing, profitable the Bathurst 1000 and Bathurst 12 Hours in the exact yr (2016), it grew to become a laughing stock in subsequent seasons.

Despite fielding a race car designed by Triple 8 Race Engineering, its auto was viewed as the worst in the field previous calendar year, and Alex Davison missed a full day of racing at The Bend in 2020 as his Sydney crew raced The engine failed and the only spare car or truck was becoming serviced.

Update 14:41 AEST

Speedcafe.com at first declined to comment when contacted this afternoon by Webb.

He then supplied the subsequent assertion through text message:

“I’m winding up an aged corporation that no extended trades and has absolutely nothing to do with our former racing team.”

Jonathon Webb’s autograph on the memorabilia was as opposed to his signature on files submitted to ASIC. Picture: Motorsport Trader/ASIC

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