Mr Archer said the advice he d received was that the main reason for the company s financial difficulties was the COVID-19 restrictions, which had severely impacted the ability of the business to trade . Mr Chan s report on the company s affairs showed creditor claims totalling just more than $1.408 million. The debts were made up of $270,000 of priority employee entitlements, $200,000 owed to the Australian Taxation Office, $760,000 owed in loans and to funders and $178,883 owed to trade creditors and suppliers. Akane Teppanyaki and Whisky Bar opened in January, 2019, but was forced to close for good due to coronavirus restrictions. Mr Archer said there were eight staff owed entitlements, which would likely be paid by the Federal Government s Fair Entitlements Guarantee scheme.