October 18, 2011

BASE surfboards goes bankrupt

Base, the company started with much fanfare in 2003 with some of the biggest names in Australian surfboards, went into receivership in September when the company’s exposure to a tax debt of almost $1 million was revealed. Since then further debts to a range of creditors and investors have combined to sink any hope of a resurrection.

The company was started when some of Australia’s top surfboard designers, including Darren Handley, Murray Bourton, Simon Anderson, Nev Hyman and Maurice Cole, joined forces to try to re-set boardmaking’s business model. Maurice and Nev soon parted ways with Base, and Simon since scaled back his involvement. Base’s remaining assets will now be sold off.

It’s a blow to the employees, some of whom are among Australia’s better surfboard craftsmen. According to ASL, creditors to Base include the ATO, who claim $947,018.75, Darren Handley’s family trust ($587,373.07), Surf Hardware International ($100,000), and several accounts connected to former Base general manager Cameron Lamperd ($450,000).

Several individual investors and funds are also listed, for amounts between $50,000 and $200,000, though absent from the list is the company’s former CEO, John Cross.

Total listed debts to date come to $2,982,331.18, which doesn’t include any debts owed to staff, who have been laid off.

More news as it develops, but a sad day for some fine craftsmen.

by POP Magazine