Titanium Security suddenly collapses, abandoning 2,300 customers and endangering 80 employees
Titanium Security suddenly collapses, abandoning 2,300 customers and endangering 80 employees
- Titanium Security declared bankruptcy
- The company previously avoided a collapse in 2021
A leading South Australian security company that employs up to 80 staff and serves more than 2,300 customers has collapsed.
Titanium Security, based in Elizabeth South in Adelaide’s northern suburbs, has been liquidated after the company failed to pay its debts, reports The Adelaide Advertiser.
It is the second time that business owner Daniel Grotegoed has seen the company go under after it was placed under receivership in 2021 and narrowly saved by a Deed of Company Arrangement.
Photos posted to social media by Mr Grotegoed’s wife, Amy, appear to show the pair on a recent holiday to Greece.
According to documents filed with the Australian Securities and Investments Commission (ASIC), a company meeting on Aug. 1 decided to dissolve the company.
Charles Morton of Morton + Lee Insolvency has been appointed as trustee.
Titanium Security of Daniel Grotegoed (pictured with his wife Amy) has been declared bankrupt
The couple appeared to be on holiday in Greece recently, while a creditor complained that they owed money
The company provides security services for ATMs, money transfers, events and private security, including security guards, patrols and alarm response for corporate or government clients.
Some of the clients listed on their website include several Adelaide City Councils, SA Water, ElectraNet, Lendlease and Santos.
The website also states that Titanium is a member of the Defense Industry Security Program (DISP), which allowed them to provide government-approved defense department personnel.
The company provides private security for corporate and government customers
The company went into receivership earlier in 2021 but managed to continue operating under a Deed of Company Arrangement
The size of the company’s current debts has not been disclosed, but in 2021, when it went into administration, creditors owed $6.6 million, RevenueSA owed $3 million and the Australian tax office owed $2.5 million .
Back wages were also owed to the staff in the amount of approximately $600,000, but these would have been paid as part of the agreement to allow Mr. Grotegoed to continue the business.
A federal court hearing involving the company is scheduled for Friday.
It follows the collapse of Brisbane private security firm Professional Caliber Security in 2021, which had a similar clientele and was unable to stay in business after their work was significantly reduced during the Covid lockdowns.