Raine and Horne Rockhampton real estate liquidation: Why company went bust

New documents have been filed which detail why a Rockhampton real estate company went bust and how much the rent roll is being sold for.

Raine and Horne Rockhampton has gone into liquidation.

The liquidation of a Rockhampton real estate company is believed to have been caused by a decline of rental properties on the books.

Raine and Horne Rockhampton went into liquidation on February 8.

The franchise has offices on the corner of Bolsover and Denham streets and is owned by Joseph Ireland.

Angus Raine and Joseph Ireland from Raine and Horne in 2014. File photo.

According to the latest documents filed by the liquidator, David Hambleton of Rodgers Reidy Brisbane, the company became insolvent “after a decline of the number of properties on the rent roll”.

The company is continuing to trade as normal and is being sold by the liquidator.

It is estimated the rent roll is worth $100,000 and the money from this sale will go to Macquarie Bank which is the only secured creditor and is owed $434,485.92.

There are also 18 unsecured creditors that are owed $241,401.10.

It is understood the company does not owe any money to employees and only one person was employed at the time of liquidation.

The company had been facing trouble for some time as the liquidator was made aware of the company 10 months before his appointment.

Liquidation documents show Mr Hambleton had three phone conversations with the company’s advisor in this time.

Mr Hambleton has requested to be paid $46,567 for his liquidation work.