The holding company of a superannuation fund created seven years ago to service ‘gig economy’ and self-employed workers has entered voluntary liquidation.
The GigSuper Group collapsed just over two years ago, reportedly owing creditors $2.7 million.
Both the holding company, GigSuper Holdings Pty Ltd, and the subsidiary company, GigSuper Pty Ltd, entered voluntary administration in 2022.
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It was the subsidiary company, GigSuper, which had owed creditors the millions of dollars. But those debts were “extinguished” when creditors put the company in a Deed of Company Arrangement in 2022.
Following a meeting on June 24 of the company’s members, the holding company has now entered voluntary liquidation.
DW Advisory principal Paul Weston was appointed as liquidator.
“The debt previously owed to related party creditors had been forgiven … before shareholders resolved to wind it up,” Weston told 7NEWS.com.au on Tuesday.
The company had not been in operation, nor had it had any superannuation members or customers, since 2021, Weston said.
“GigSuper Holdings Pty Ltd was wound up by resolution of its shareholders, as it was deemed that the company had come to the end of its useful life and should accordingly be wound up,” he said.
Controversial partnership
GigSuper, founded in 2017, had partnered with the now-defunct food delivery service, Deliveroo.
The partnership aimed to allow gig workers — who are paid per job, and are not part of a company’s payroll — to make their own superannuation contributions, rather than Deliveroo doing it for them.
At the time, the Transport Workers Union said the arrangement was as “an insult” to food-delivery riders.
The TWU said three out of four delivery riders were being paid below minimum award and were therefore unable to cover their super entitlements.