Anason: the company trading as the Barangaroo Turkish restaurant is in administration, 21 months after a small business restructuring.

Sivrioglu Pty Ltd, ACN 605 747 402, the company ASIC's notice records as trading as Anason, entered voluntary administration on 13 October. The company appointed Graeme Beattie, care of Worrells in Parramatta, as administrator.

The notice names the company in its capacity as trustee of the Sivrioglu Family Trust.

Anason is the Turkish restaurant at 5/23 Barangaroo Avenue, on the harbourside Wulugul Walk, styled on the meyhanes of Istanbul. Its website describes it as the first permanent restaurant to open on Wulugul Walk.

This is the company's second formal process in two years. On 16 January 2025, it appointed a restructuring practitioner under the small business restructuring regime.

If you hold an Anason gift voucher, or are a supplier or staff member with money owed, the company the notice names is Sivrioglu Pty Ltd, and the administrator now controls it.

The first creditors' meeting is online at 11am on 23 October, with proofs and proxies due by 5pm on 22 October.

Is Anason closed? The notice does not say. In a voluntary administration the administrator takes control of the company and decides whether the business keeps trading while it is assessed. Anason's website was still offering reservations on 15 October.

Is Efendy in administration? Anason's website presents the restaurant as part of Efendy Group. The administration notice names one company, Sivrioglu Pty Ltd, and one trading name, Anason. It does not name Efendy or any other venue.

On 16 January 2025, Sivrioglu Pty Ltd appointed David Hurst as restructuring practitioner under Part 5.3B of the Corporations Act.

That process is designed for small companies. To use it, a company's liabilities must not exceed $1 million. The directors stay in control while the practitioner helps them prepare a restructuring plan, which creditors then vote on. If creditors accept the plan, the company pays them under it and trades on.

On 12 February 2025, ASIC published a notice that the proposal period had been extended to 27 February 2025 on the company's application.

ASIC's insolvency appointment data records the January 2025 appointment but no restructuring plan for the company. That record does not say how the restructuring ended, for example whether a plan was put to creditors.

Twenty-one months after that appointment, the company appointed an administrator.

ASIC's insolvency appointment data gives a measure of how common that sequence is.

Of 3,227 companies that appointed a restructuring practitioner in 2023 and 2024, 2,673, or 83%, had a restructuring plan recorded. By late September 2026, 610, or 19%, had a later insolvency appointment, such as an administration or a liquidation.

The split is sharp. Among companies with a plan recorded, 11% had a later appointment. Among the 554 with no plan recorded, 55% did.

ASIC's own review of the process found the same plan rate. Of 3,388 appointments between July 2022 and December 2024, 2,820, or 83%, moved to a restructuring plan, and ASIC said most of the remaining 568 ended because creditors rejected the proposed plan. Accommodation and food services, the industry Anason trades in, made up 23% of appointments.

These are figures for companies that used the process, not a prediction about any one of them.

Anason's website offers two things a customer might be holding, and they are not the same.

A booking is not a prepayment. The website says bookings are secured with a credit card that is charged only for a no-show, a late cancellation or a reduction in numbers within 24 hours, at $50 a head. A diner who turns up has paid nothing in advance.

A gift voucher is money already paid. The website says vouchers are valid for three years from purchase. In an administration, an unused voucher is generally a claim against the company that issued it, like any other unsecured debt, and whether vouchers are honoured while the business trades is a decision for the administrator.

The voucher holder's first question is therefore which company issued the voucher. The notice ties the Anason name to Sivrioglu Pty Ltd, but a voucher bought some time ago may name the business only, and the administrator can confirm which entity is responsible. Nothing in the notice says vouchers are invalid or that bookings will not be honoured.

An administrator who keeps a business trading is personally liable for debts incurred for goods and services during the administration. That is why suppliers who keep delivering after 13 October deal with the administrator, not with the previous management.

Sivrioglu Pty Ltd was registered in May 2015. The Australian Business Register places the company's main business location in the inner-west Sydney postcode 2041.

The company also owns one registered trade mark, MR SIMIT, filed in 2016 and registered in 2017. The administration notice does not list it as a trading name.

The notice uses the company's trustee capacity in its name. A trust is not a separate legal person: the company, as trustee, enters contracts and incurs debts for the trust. That is why the notice names both, and why the company's name is the one to look for on invoices, leases and staff records.

Voluntary administration is not liquidation. Under the Corporations Act the administrator must call a second meeting of creditors, ordinarily within about five weeks of the appointment, at which creditors decide whether the company executes a deed of company arrangement, returns to its directors or is wound up.

The first meeting on 23 October is shorter in scope. Creditors consider whether to appoint a committee of inspection and may vote to replace the administrator.

If the company is later wound up, employee entitlements rank ahead of ordinary unsecured creditors, and eligible employees may apply to the Fair Entitlements Guarantee for certain unpaid entitlements.

The administrator's report to creditors is the next document that will answer those questions. For anyone holding an Anason voucher, the name to look for is Sivrioglu Pty Ltd.

We publish public-record information, not advice. The administrator is the authoritative source on the administration, and nothing here is a statement about any party's conduct or claim, or about any business other than the one named in the notice.