Noosa hinterland homeschooling education business Our Element Pty Ltd files for liquidation

A homeschooling support company has called in the liquidators with confirmed debts of more than $100,000 and more creditors expected to come forward. Read how it went wrong.

An education firm has collapsed on the Sunshine Coast.

A Sunshine Coast education entrepreneur is out of pocket tens of thousands of dollars after trying to keep his alternative homeschooling service afloat before it went bust.

Our Element Pty Ltd learning hub was founded in the Noosa hinterland town of Cooroy earlier this year, and was described as a program to amplify homeschooling with “hands-on group learning experiences”.

The business website clarifies it is not a registered school and does not offer the approved ACARA curriculum or replace a full-time education program.

Australian Securities and Investments Commission records reveal Dane Hammond of insolvency and restructuring company Worrells was appointed as liquidator by members of the company on October 18.

Mr Hammond said Our Element director Michael Ha and former director Hollie Noonan poured money into the business to keep it afloat, but it became unsustainable.

The homeschooling company owes creditors more than $100,000, including more than $9000 to trade creditors, and $30,000 to Ms Noonan and $60,000 to Mr Ha.

Aerial view of 3 Myall St, Cooroy. Picture: supplied.

Mr Ha said it was unfortunate but he was committed to inspiring and educating young students in the future.

“You always want any business to succeed and, unfortunately, this one hasn’t,” he said.

Mr Ha said he was unable to identify where the business model went wrong.

“If we could pinpoint it, we would have fixed it,” he said.

Mr Hammond said it appeared their service was impacted by enrolment numbers dropping off in the aftermath of Covid-19.

However, Mr Ha said enrolment numbers did not slow down and denied the pandemic played a role in his company’s liquidation.

Mr Hammond said investigations were ongoing, and he expected the company’s total debt to increase once he investigated potential money owed to its landlord and additional creditors.

Records showed the company had about $11,000 worth of assets when it went into liquidation, made up largely of money owed to it and cash in the bank. Mr Hammond said the company didn’t have many assets as it mostly had office equipment.