The boss of a failed Brisbane building firm uses two identities and is fighting criminal charges

The seemingly routine collapse of a Brisbane building firm specialising in roofing repairs has suddenly become far more intriguing due to a series of allegations.

Roof repairer Lifetime Builders fell into voluntary administration this month. Picture: iStock

The seemingly routine collapse of a Brisbane building firm specialising in roofing repairs has suddenly become far more intriguing

We’ve learned that the sole director, who actively uses at least two identities, is fighting charges stemming from alleged drug and weapon offences.

He’s also facing allegations that $1.4m was improperly loaned to another one of his companies, which remains intact.

Future Property Solutions Group Pty Ltd, trading as Lifetime Builders with sole director Adam Killackey at the helm, fell into voluntary administration this month with debts of about $1.5m.

Adam Killackey, also known as Adam Kitchen

It carried out lots of work for Alliance Property Consultancy Pty Ltd, a still-intact Killackey company trading as Storm Assist, which specialises in insurance claim evaluations and restoration work.

Corporate records show the majority owner of Future Property is an entity called First Class Ventures Pty Ltd, which is controlled by a bloke going by the name of Adam Kitchen.

He just happens to have the same date and place of birth, as well as listed home address, as Killackey.

Kitchen, 32, is now facing five charges related to the alleged possession of drugs and drug paraphernalia, as well as the alleged possession of a machete and driving while disqualified last year.

He has pleaded not guilty and is set to appear again in Cleveland Magistrates Court for a hearing on December 1.

Meanwhile, Future Property creditors gathered for the first time last week and meeting minutes reveal that former director Darryn Van Hout alleged that Killackey/Kitchen “may have withdrawn funds that were not used for a proper purpose’’.

Specifically, the minutes show a $1.4m loan was made to First Class Ventures, which trades under the banners of Aussie Home Helper or Australian Assistance Packages.

One of the Future Property administrators, Kathleen Vouris, told us that she is investigating the possible misappropriation of funds and potential insolvent trading.

Vouris also determined that the company’s claimed net asset position of $1.7m may be “overstated’’ as she tries to claw back $1.5m in loans owed to the business.

At the same time, there’s talk about a possible “deed of company arrangement’’ that would resuscitate the company and allow it to resume trading.

Creditors who launched a wind-up bid against the firm have now had their court matter adjourned to July 29 while the possibility of a DOCA is examined.

Killackey/Kitchen hung up Wednesday when your diarist rang for a chat.

Van Hout could not be reached for comment. He has previously presided over the demise of numerous companies in the renewable power sector.

ASSETS FROZEN

The corporate watchdog has won court orders to freeze the assets of a failed Gold Coast property developer and his wife just three months after they splashed out nearly $1.47m for a new luxury home.

ASIC announced Wednesday that it had moved against Ian and Sophie Chester after he tipped 13 of his companies into liquidation this month. Another one of his entities remains in administration.

Ian Chester with wife Sophie

The regulator said that it “had concerns that Mr Chester had used funds invested in some of his projects for his own benefit and not for the purpose for which the funds were invested”.

The couple did not contest the matter and the court extended the freeze to Ms Chester because it “was satisfied she had also dealt with investor funds’’.

It’s unclear how many investors have been caught up in the debacle or how much they are owed.

But, as City Beat revealed last week, well over 100 punters in six of the collapsed companies committed more than $6.5m to develop unit or townhouse projects across south east Queensland.

Under the banner of his now-defunct Vested Property Group, Chester seemed to come out of nowhere in 2018 to propose development of the first apartments on mansion-filled Sovereign Islands.

While he won approvals to proceed, plenty of area residents opposed the project and it never went ahead. The vacant land is now on the market and could change hands for up to $6m.

Chester, a 39-year-old native of Guam and former McGraths agent, claimed that his group had settled more than $840m in real estate deals and was involved in $300m-plus in property developments across the region.

He could not be reached for comment Wednesday and his wife did not return a call.

Ian Chester

Using her maiden name, Sophie Harmes, she formerly worked in the Vested group and is still listed as an agent on the website of Custom Realty Group at Southport. Custom boss Rob Bannister told us she is no longer employed there.

Property records show the couple paid $1.465m in late April for a near-new home in Surfers Paradise described as a “magnificent Budds Beach lifestyle villa’’.

The court orders prohibit them from shifting assets overseas, disposing of property or dealing with money in bank accounts.

Those orders remain in place until the next court hearing, which is expected before January 21 next year.

Meanwhile, ASIC said that it will continue investigating Chester’s numerous development projects.

RAISING CAPITAL

A digital lending and payments outfit only founded in Brisbane in 2019 has the lofty target of settling $1.2bn in loans in the current financial year.

The business, trading as WLTH, has also just closed a $3m round of seed funding and is now aiming to rustle up another $15m next month.

Entrepreneurial brothers Brodie and Drew Haupt, along with Darren Hodgkin and John Kerr, hope to do their bit for the environment along the way.

They have locked in a five-year partnership with global eco-group Parley for the Oceans, which has vowed to clean up 50 sqm of coastline for every loan settled.

Additionally, recycled ocean plastic will be used to issue cards.

WLTH only officially launched on the market about six months ago and claims it has already generated more than $700m in loan inquiries.