QLD company Raine and Horne Rockhampton liquidation finalised

After 10 months, the liquidation of a Queensland real estate company has been wound up. Money has been paid to banks, PAYG, legal fees and wages while thousands are still outstanding.

Raine and Horne Rockhampton's Joseph Ireland.

The liquidation of a Rockhampton real estate agency has been finalised with hundreds of thousands of dollars still outstanding.

Raine and Horne Rockhampton, under director Joseph Ireland, went into liquidation in February 2022.

David Hambleton of Rodgers Reidy Brisbane was appointed as the liquidator.

An end of administration return and notice to cease administration was filed with the Australian Securities and Investments Commission on December 9.

At the date of the return, there were 19 unsecured creditors owed $514,423.31 and one creditor owed $2,510.36 in wages and superannuation and $293.30 in leave.

The Macquarie Bank, as a secured creditor, is owed $327,290.90.

The bank had received about $100,000 during the administration after the sale of some assets.

Angus Raine and Joseph Ireland from Raine and Horne. Photo: The Morning Bulletin archives

A receipt was included for three separate payments totalling $206,850.14 from Ray White Rockhampton on May 6, understood to have been for the rent roll and other assets.

A total of $344,445.45 was received during the liquidation and the liquidator used this money to pay bank fees, advertising, insurance, PAYG, sales fees, legal fees, wages and superannuation, secured creditors and other fees.

There was zero in the bank at the time of the report.

Raine and Horne, corner of Bolsover and Denham Streets, Rockhampton.

The initial creditors list in March reported the liquidated company owed creditors $674,557.

The business used to operate out of an office space on the corner of Bolsover and Denham streets, which has been vacant and cleared out for some time now.

It is owned privately by an unrelated Rockhampton businessman.