Stockland pop-up leaves CQ suppliers out of pocket $20k
A ROCKHAMPTON business owner has filed for bankruptcy leaving five local Central Queensland small businesses claiming they are out of pocket by almost $20,000.
Korina Fraser, 43, of Gordonvale (Cairns), filed for official bankruptcy through the Australian Financial Security Authority on June 14 for a total amount of $157, 390.
The bankruptcy has impacted a number of businesses Cairns and Rockhampton including Stockland Rockhampton business Made in CQ.
Made in CQ opened in Stockland Rockhampton on September 10 last year and the last day of trade was on December 30.
The business was a collective of handmade products and goods. Suppliers paid a weekly rent fee and they were to gain all of the profits from their sale.
The bankrupted debt is for sales from the month of December.
The creditors list includes five Rockhampton and Central Queensland handmade business with debts equalling $19, 718.
Other debts are to various small cash loan 'shark' companies, solicitors, ANZ and Westpac, News Corp and Stockland.
A sum of $49, 658 is owed to the Deputy Commissioner of Taxation.
One local handmade business owner, who wishes to remain anonymous, is owed $4, 182 - money which she will believes she will never get back.
To say she is disappointed is an understatement.
"When you make handmade products, a lot of time and effort goes into it," she said.
"To put so much time and work into it for nothing.
"A lot of hours going into handmade, a lot of late nights... that is time I will never be accounted for."
"We paid a weekly rent to have stuff in the shop and she didn't take any money from the sales. All the sales went into her account and it was up to her to transfer it to us."
The business owner said there were a few times payments were late and she had assumed with the chaos of Christmas and New Year, the December money would be late as well.
Trying to get her money back, she spoke to Korina weekly and even daily who told her she was getting it sorted and she would have her money soon.
It wasn't until a month ago she found out she had filed for bankruptcy.
"I was shocked, I don't understand how people get themselves in such deep financial situations," Anonymous said.
Now without that $4,000, it has affected the bottom line of her business.
"I rely on that money to keep my business going, it's my income as it is for other people," Anonymous said.
Anonymous received a letter in the mail from the government explaining how the bankruptcy worked, to stop any collections and the debt would be cleared in three years time.
It has opened her mind to how bankruptcy work and she says it will influence the way she does business now.
"It's surprising the way bankruptcy works," she said.
"People get themselves in such high situations and it's just wiped when they declare bankruptcy.
"I am probably too trusting sometimes, it has been an eye opener. I wouldn't have gone into the shop if I had known."