Leading Australian post production company that worked on major Hollywood films collapses with nearly $4million in debt
Cutting Edge Post, which has offices in Brisbane, Sydney and the Gold Coast, announced on July 3 that the company would no longer be operating.
The production house offered sound and picture services for the advertising, films and TV nationally and across the world, including Hollywood.
'To all our valued clients and supporters, we would like to inform you that after 35 years Cutting Edge Post has officially ceased operations,' it said on social media.
'We sadly say goodbye to the end of an era, thanking all those who joined our team, gave us a chance and collaborated passionately beside us. We are truly grateful.
'Please note, Cutting Edge Technical Services (CETS) remains fully operational, and is business as usual.'
According to the Australian Securities and Investments Commission (ASIC), the decision to send the firm into liquidation was made at a general meeting on June 27.
It has since been revealed the company owed $3.7million, of which $2.4million is owed to 62 staff across Australia.
The company announced on social media that it was ceasing operations on July 3
In documents submitted to ASIC, the debt to staff included $951,680 in redundancy entitlements, $581,649 in annual leave, $484,230 in long service leave and $77,884 in wages, The Herald Sun reported.
The report listed other creditors, among whom are the Australian Tax Office which is owed $389,176 and Commonwealth Bank of Australia which is due $25,166.
A total of $182,990 in the form of a term loan is listed for the Queensland Rural and Industry Development Authority, while it is indebted to trade creditors by $81,633.
Company director Michael Burton said in the report that 20 trade debtors owed his company a total of $702,243 on top of $35,032 for related party loans.
Regarding the firm's current financial state, he said it possessed just over $1million across its assets.
This was made up of $848,024 in fit-outs and $236,500 in bank accounts with the Commonwealth Bank of Australia.
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