Breaking Leading Australian post production company that worked on major Hollywood films collapses with nearly $4million in debt EnglishHeadline

The Australia-based agency behind the post-production of hits similar to Aquaman, Pirates of the Caribbean and 13 Lives has fallen into liquidation.

Slicing Edge Submit, which has workplaces in Brisbane, Sydney and the Gold Coast, introduced on July 3 that the corporate would not be working.

The manufacturing home provided sound and film companies for the promoting, movies and TV nationally and internationally, together with Hollywood.

‘To all our valued shoppers and supporters, we want to inform you that after 35 years Slicing Edge Submit has formally ceased operations,’ it mentioned on social media.

‘We sadly say goodbye to the tip of an period, thanking all those that joined our crew, gave us an opportunity and collaborated passionately beside us. We’re really grateful.

‘Please observe, Slicing Edge Technical Companies (CETS) stays absolutely operational, and is enterprise as standard.’

In keeping with the Australian Securities and Investments Fee (ASIC), the choice to ship the agency into liquidation was made at a common assembly on June 27.

It has since been revealed the corporate owed $3.7million, of which $2.4million is owed to 62 workers throughout Australia.

The Australia-native post-production home Slicing Edge Submit, which labored on Hollywood hits like Aquaman (pictured), has fallen into liquidation

A report back to the Australian Securities and Investments Fee revealed the post-production home behind a few of the work on Pirates of the Caribbean owed $3.7million

The corporate introduced on social media that it was ceasing operations on July 3

In paperwork submitted to ASIC, the debt to workers included $951,680 in redundancy entitlements, $581,649 in annual go away, $484,230 in lengthy service go away and $77,884 in wages, The Herald Solar reported.

The report listed different collectors, amongst whom are the Australian Tax Workplace which is owed $389,176 and  Commonwealth Financial institution of Australia which is due $25,166.

A complete of $182,990 within the type of a time period mortgage is listed for the Queensland Rural and Business Growth Authority, whereas it’s indebted to commerce collectors by $81,633.

Firm director Michael Burton mentioned within the report that 20 commerce debtors owed his firm a complete of $702,243 on high of $35,032 for associated get together loans.

Relating to the agency’s present monetary state, he mentioned it possessed simply over $1million throughout its property.

This was made up of $848,024 in fit-outs and $236,500 in financial institution accounts with the Commonwealth Financial institution of Australia. 

William Paul Cotter, from Robson Cotter Insolvency Group, has been appointed as liquidator and has been contacted for remark, as has Slicing Edge Submit.