Tom Orel says Oracle Building Corporation owes trades $7.6m

In an official report, collapsed building company Oracle’s founder Tom Orel says it has debts to trade creditors of $7.6m while a mystery “related party” is owed a further $5.7 million.

Failed building company Oracle owes nearly 250 trade creditors $7.6 million, its founder has revealed.

In a statutory report filed with the corporate regulator, Oracle Building Corporation director and founder Tom Orel said an unspecified “related party” is due a further $5.7m.

The largest single creditor of the NSW and Queensland-focused outfit is Aus Steel Pty Ltd, which is meant to have been paid $1.5 million more than 90 days ago. Timber business Bretts is owed more than $300,000.

One debt is more than two years overdue. Its size is unknown.

Oracle Building founder Tom Orel.

According to the list of creditors in the report, Dynamic Bradview Roofing was owed $920,000. But beside this figure, Mr Orel has handwritten “* Paid”.

Dynamic Bradview had taken Oracle to court to get its money. Its action included lodging a caveat over Mr Orel’s Gold Coast home, which media reports have suggested is worth $5m.

In the document filed with the Australian Securities and Investments Commission, Mr Orel said trade debtors owe Oracle $1.4m.

He said Oracle was working on nearly $9.6m of projects at the time of going bust.

Of this, $6.3m was “already claimed” by the company. He then wrote “balance to be claimed – recoverability unknown: $3.3m”.

It’s understood the majority of the homes Oracle was working on are in NSW. The NSW builds are mainly in the Hunter Valley and on the Central Coast.

Mr Orel’s report said Oracle’s assets, including 26 motor vehicles, have a book value of $3.5m.

An unfinished Oracle project in Queensland. Picture: Facebook

It separately lists its display homes that are yet to be finished as being worth $1.3m.

The land on which its display homes exist is valued at more than $1.7m.

Workers are owed $168,000 in wages, $374,000 of annual leave, $37,000 worth of long service leave and $208,000 in superannuation.

Liquidator Bill Cotter was contacted for comment. He was appointed last month.

EDITOR’S NOTE: This story has been corrected. Originally it said Mr Orel had reported assets totalling more than $20m, including $17m of land. In fact, he reported the land as being valued at $1.7m.

Originally published as Tom Orel says Oracle Building Corporation owes trades $7.6m