Liquidators seek investigation into builder Privium’s $80m collapse

Privium’s liquidators are seeking funding for a public examination into the reasons behind the building firm’s $80m collapse.

Liquidators of failed building company Privium still want their day in court to unravel the reasons behind the $80m collapse of the firm two years ago.

A report to creditors from FTI Consulting’s Joanne Dunn reveals funding for a public examination in the Federal Court is now being sought from Bank of New York Mellon, one of Privium’s secured lenders.

Dunn said the approach to the bank to bankroll the examination comes after the Australian Securities and Investments Commission (ASIC) rejected a similar approach.

“Bank of New York Mellon has tentatively provided consent which is conditional upon our maintaining cash at bank above a certain level,” Dunn said in the report.

City Beat readers will recall Brisbane-based Privium Group collapsed in late 2021 with less than $400 in its account and leaving hundreds of unfinished homes.

FTI Consulting senior managing director Joanne Dunn.

Dunn said the public examination would look at former director transactions, special dividends paid to related entities including Love Your World and the Promise Qld as well as special dividends paid to shareholders.

Earlier this year it was revealed that funds from a Christian charity founded by Rob Harder, a director and founder of Privium, were used to pay off credit-card debts and fund personal spending of more than $1m. Mr Harder, who is not accused of any wrongdoing, has declined to comment.

Armour receivership

Receivers have been appointed to troubled Brisbane-based gas company Armour Energy with attempts underway to sell its assets.

Richard Tucker and Robert Hutson, of KordaMentha Restructuring, are now in control of the ASX-listed firm and certain wholly owned subsidiaries after it struggled to meet interest payments on loans.

The receivers were appointed by secured creditors following unsuccessful attempts by the company to repay outstanding senior secured notes.

Armour Energy geologists in the Northern Territory.

Armour, whose directors include Steve Bissell and Nicholas Mather, is an exploration and production company focused on the discovery, development and production of gas, LPG, gas condensate and oil in Queensland, the Northern Territory, Victoria and South Australia.

The receivers will continue to operate the businesses while they undertake an immediate sales process including expressions of interest to acquire the group.

Armour Energy achieved sales revenue of $15m this year.

Art for a cause

Creevey Horrell Lawyers are getting in touch with their artistic side.

The Brisbane law shop is hosting ‘Canvas for a Cause’, an exhibition and auction of artworks by regional Queensland artists in support of the rural men’s mental health initiative ‘Are You Bogged Mate?’

The initiative works to boost awareness about the rising issue of depression and suicide rates among men in rural Australia.

Dan Creevey

‘Are You Bogged Mate?’ was started by agriculture advocate and spray drift management consultant Mary O’Brien who has spent most of her life working in rural and remote Australia and understands the stigma of mental health issues in the bush, particularly among men.

Creevey Horrell principal Dan Creevey says the Canvas for a Cause event in Toowoomba on Saturday, November 25, will showcase talented artists from across the region, including Toowoomba-based Allan Cooney, along with live music and a charity auction, with all proceeds going to ‘Are you Bogged Mate?’.

“Having been born in Winton and maintained a strong connection with rural Australia myself, I understand the landscape around these issues in country areas,” he says.

The function in support of ‘Are You Bogged Mate?’ will be held in The Mills Precinct, 269-291 Ruthven Street, Toowoomba, from 6.30pm. A $10 entry fee will be donated to ‘Are You Bogged Mate?’