State Government launches $7m damages claim against former marina operator Stephen Marks

A Lamborghini registered to his company is missing, now an embattled director is accused of stalling inquiries into his firm.

The Marina St Vincent at Wirrina Cove.

The State Government has lodged a $7m damages claim against a former marina operator, whose embattled director is in the hot seat over a missing sports car.

Stephen Lindsay Gordon Marks is also accused of failing to give liquidators passcodes to a computer holding records of his failed firm New Wave Aerospace, according to an early investigative report into the company’s affairs.

Mr Marks placed the company in liquidation in August amid a class action against his firm which a court appointed accountant found had overcharged berth owners $1.7m over four years in lease fees at the Marina St Vincent.

Liquidator Hugh Martin has handed down an initial report in which he reveals 19 unsecured creditors have lodged debt claims of $8.6m, including a $7.046m damages bid from the government for a breach of lease.

Mr Martin said the government claim includes $4.23m for existing and future costs of dredging the marina seabed, which NWA failed to do under the terms of the lease.

Ex Marina St Vincent manager Stephen Marks

And what is believed to be the missing Lamborghini.

The government evicted NWA from the marina last November for breach of lease.

The ATO has also lodged a proof of debt for $253,834 for outstanding taxes due since September 2017.

In his report Mr Martin says NWA may have been insolvent since July 2016 when “it first failed to maintain its financial records and has failed to maintain them since”.

“Following this time the director, Mr Marks, continued to trade the company’s business until March 2020 incurring debts to its landlord (the State of South Australia), employees, trade creditors, marina berth owners and statutory creditors,” the report said.

In his November 13 report he also says Mr Marks had not provided him passcodes to access “the computer which (Mr Marks) tells me contains the majority of the company’s records”.

“Without access to the company’s books and records my investigations have been restricted,” according to his report.

“Furthermore, I am informed that the company’s MYOB records have now been lost.”

Mr Marks told District Court Judge Patrick O’Sullivan in June that NWA was solvent.

Under the Corporations Act directors who fail to keep proper company records can be liable for several thousands dollars in fines or up to six months’ jail.

The Advertiser revealed this month that St George Finance had secured a federal court order against Mr Marks requiring him to handover a blue 2008 Murcielago Lamborghini registered in SA to NWA, which had defaulted on a car loan.

The bank and Mr Martin have been unable to locate the coupe.

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