A popular Sydney nightclub named in honour of hip-hop royalty Beyoncé and Jay-Z has collapsed owing creditors more than $700,000.
The Carter, a three-storey venue located on O’Connell St in the CBD, was placed into liquidation this week by court order following an announcement to social media they would be ‘closing for renovations’.
KPT Restructuring has been appointed to liquidate the company’s assets but said it had already visited the venue and most of the stock had been removed with ‘not a whole lot left’, reports The Daily Telegraph.
The company behind the venue, GKIII Hospitality Group, was ordered into liquidation by the NSW Supreme Court on Monday following a failed attempt to restructure the business in 2023.
Documents from September show the company, which traded as The Carter since 2015, had an outstanding amount of $734,034.61 owed to creditors.
Sydney nightclub The Carter has been placed into liquidation with significant debts
The approved restructure would have seen the owners take control of the company, rather than an administrator, and was based on ‘a Director and third party investor’ who had injected $161,000 in cash into the business.
After practitioner fees of $11,000 were deducted the remaining $150,000 was to be split between creditors.
Among the creditors listed in the documents dated September 21 were the Australian Taxation Office, which was allegedly owed $599,528, and American Express, which was allegedly owed $73,536.
The business also allegedly owed $14,239 to the Workers Compensation fund.
The liquidation order this week voids the previous proposed restructure.
The nightclub featured extravagant interiors along including a ball pit (pictured)