Debts revealed in MC Coastal Construction Pty Ltd collapse

The director of a building company that has collapsed owing a six-figure debt “may have committed offences”, a report from the liquidator has revealed.

Matthew Currey was the director of MC Coastal Constructions Pty Ltd.

A report into the collapse of a Sunshine Coast building company has uncovered nearly half a million dollars of debt, with the liquidator revealing he has been unable to contact the director.

Australian Securities and Investments Commission documents show the construction company, MC Coastal Constructions Pty Ltd, which was directed by Matthew Currey, entered liquidation in October 2024.

The company’s registered address is in Birtinya while the principal place of business is in Thornlands, according to ASIC documents.

In September 2024, WorkCover applied to the Supreme Court of Queensland to wind the building company up, with Steven Staatz ultimately appointed as liquidator.

The company had ceased trading before Mr Staatz’s appointment.

Within the report to creditors published on January 21, 2025, Mr Staatz estimated the company’s debt to be “at least” $436,746, however it was revealed the business had not reconciled its electronic management system since July 2019.

Mr Staatz also revealed he believed Mr Currey had potentially breached the act regarding possible uncommercial transactions to himself from the company.

“Based on investigations during my appointment, I am of the opinion that the director may have committed offences under the provisions of the Act. I lodged a report pursuant to Section 533 of the Act reporting suspected breaches of the Act,” Mr Staatz said.

ASIC declined to comment on whether they were investigating Mr Staatz’s claims made about Mr Currey’s conduct as a director.

Among the 18 creditors, those owed some of the most significant debts are the Australian Taxation Office owed about $97,702, the Queensland Building and Construction Commission owed $42,000 and WorkCover Queensland owed $19,165.

A financial encumbrance of $140,157 is also owed by the company to Volkswagen Financial Services regarding a commercial loan for a dual cab Chevrolet Silverado purchased in February 2023.

It is unknown whether any debtors owe MC Coastal Constructions money.

The report also shows Queensland Treasury holds six security assets, including a caravan estimated to be worth $65,000, against the company due to outstanding SPER debts totalling $33,717.45.

According to Mr Staatz’s findings Mr Currey personally owes $410,777 in loan repayments to the company.

“I have reviewed the bank statements received from CBA and have identified payments made to the director totalling approximately $504,706,” Mr Staatz said.

“I note that the director made repayments with respect to his loan account in the amount of approximately $93,929.

“I have issued a demand to the director requesting payment of $410,777 regarding the loan account and await a response with respect to same.”

Mr Staatz revealed in the report it was unlikely any creditors would receive a dividend in the liquidation.

Mr Currey has been contacted for comment by this publication on multiple occasions.