ATO applies to court to wind up eight Ostwald companies
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THE Australian Taxation Office has applied to the Federal Court to wind up eight businesses belonging to the Ostwald brothers.
The businesses targeted by the ATO include Ostwald Bros Transport, Ostwald Bros Mining, Ostwald Bros Investments, Ostwald Bros Equity, Roustabout Services Australia, Facility Security Services, BAS Aviation and Ostwald Accommodation.
Director Matthew Ostwald told The Chronicle: "We are currently negotiating with the ATO and are hoping to have this resolved."
One of those businesses, Ostwald Construction Materials, was able to be salvaged by brothers Brendan, Daniel and Matthew Ostwald thanks to a deal with a silent investor, and is now trading as a new entity called Surat Basin Construction Materials.
If no arrangement between the businesses and the ATO can be reached, the applications to wind up the eight entities still in the brothers' control will be heard in the Federal Court in Brisbane at 9.30am on April 20.