Collapsed Sydney Chinese institution Golden Century is seeking to relaunch after the Covid-19 pandemic subsides after filing for voluntary administration.
The restaurant on Sussex Street, famously popular with politicians, went into administration on August 17 after 31 years of trading in Sydney’s Chinatown.
The coming renewal of its major commercial lease, coupled with the ongoing lockdowns of Sydney, was the last straw for the long-suffering restaurant.
Golden Century was started in 1989 by owners Eric and Linda Wong, who had moved from Hong Kong.
Chifley Advisory administrator Desmond Teng said the business planned to put together a rescue plan and relaunch.
Mr Teng said the company planned to put together a deed of company arrangement, which would see all employees at least paid in full, with a potential to relaunch the business after the pandemic subsided.
“The company would be restarted. That will give them breathing space,” Mr Teng said.
The owners of the business approached Mr Teng last week to scope out the potential administration of Golden Century.
The Wongs also own restaurants XOPP at Darling Square and The Century, at the Star.
There is no suggestion either of these businesses is insolvent.
Mr Teng said the…