MasterChef star's restaurant business collapses owing half a million dollars
Arnoldpo Corporation Pty Ltd, which operated as Monkey's Corner in Chippendale, was placed into liquidation on May 28, just over a year after the venue closed its doors.
The small-plate bar and restaurant shut down in March 2024 after seven years in business.
It was first opened in 2017 by Reynold and his brothers, Ronald and Arnold.
Both Arnold and Reynold are listed as directors of the company.
At the time of the closure, the team shared a message on social media hinting at future plans for the site, writing they were 'cooking up something new.'
However, no new venue operated by Poernomo has opened in the space.
According to documents filed with the Australian Securities and Investments Commission (ASIC), the company owes more than $500,000 in outstanding debts.
Of that, over $450,000 is owed to the Australian Tax Office (ATO), and $76,000 is linked to unpaid staff superannuation.
Additional creditors include Sunnyside Financial Group and ASIC itself, with a combined debt of more than $5,000, as reported by The Daily Telegraph.
Henry Kwok and Antony Resnick from dVT Group have been appointed as liquidators.
The liquidation follows a series of financial restructures involving Poernomo's other business ventures.
In 2024, Art Plate Pty Ltd, operator of his acclaimed Koi Dessert Bars, underwent a corporate restructure.
Another company, JRP Desserts Pty Ltd, also oversees Koi operations, with Reynold's eldest brother Ronald and mother Ike Malada listed as directors.
Despite the setback, Poernomo - nicknamed the 'King of Desserts' during his time on MasterChef - continues to run his dessert empire.
Koi Dessert Bar now has three locations, Chippendale and Ryde in Sydney, and one in Melbourne's CBD, where he serves up his elaborate and visually striking cakes.
However, former employees of Poernomo, who spoke to The Daily Telegraph on the condition of anonymity, say they are still following up on unpaid wages.
'We are chasing what we are owed and it's become very stressful and toxic,' one staff member said.
'Many staff have left.'
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