20-year-old accounting firm Grow Accounting collapses

A Queensland-based business development and accounting firm that has been operating since 1994 has collapsed into voluntary administration.

Grow Accounting was established in August 1994 under the name Keating & Camerons. The firm later changed its name to Keating & Associates before rebranding as Grow Accounting in May 2012, when current owner Tasha Hungerford bought out the other two partners in the business.

Hall Chadwick was called in to manage the business on June 10, with Blair Pleash, David Ingram and Anne-Marie Barley appointed as administrators.

The first meeting of Grow Accounting’s creditors is scheduled to be held in Brisbane on June 22.

Grow Accounting specialises in advice to business owners, as well as property investors.

The business employs a team of 14 and is based in Maroochydore, on Queensland’s Sunshine Coast.

SmartCompany contacted Grow Accounting and Hall Chadwick but did not receive a response prior to publication.

The collapse of Grow Accounting comes at a tough time for SMEs, with small business insolvencies predicted to rise over coming months. 

Sydney liquidator Jamieson Louttit made the prediction earlier this month, based on growing numbers of SMEs being subject to wind-up applications. However, there is no suggestion Grow Accounting has been the subject of a wind-up application.

According to statistics compiled by Jamieson Louttit & Associates, the Australian Tax Office applied to wind-up 556 businesses in May, which accounts for 77% of all wind-up applications lodged with the Australian Securities and Investments Commission in May.

Louttit previously told SmartCompany wind-up applications “are a very, very good lead indicator for insolvencies”.

“Everyone tracks insolvency appointments but wind-up applications show where appointments will occur next month, and the month after that,” he said.