Dynasty Property Developments’ seven figure debt revealed

The scale of debt owed by a collapsed Queensland shed company has been revealed as more than 30 creditors, including the Australian Taxation Office, emerge.

Dynasty Property Developments

The scale of debt owed by a collapsed Queensland shed company has been revealed as more than 30 creditors, including the Australian Taxation Office, emerge.

The Sunshine Coast company, Dynasty Property Developments Pty Ltd, entered liquidation earlier this month, appointing SV Partners liquidator David Stimpson on Tuesday, May 7, 2024.

According to Australian Securities and Investments Commission documents Kathleen Hansen is both the director and secretary of the company, which is based in Pelican Waters.

The previous director and secretary is listed as Trent Shaw, according to the corporate regulator’s documents, who acted in those roles up until May 2022.

Mr Stimpson said it was currently estimated the company owed approximately $1m to creditors, including a sizeable debt to the ATO, but all figures were “very preliminary”.

“(We) are probably looking at about $250,000 owing to the ATO,” Mr Stimpson said.

Mr Stimpson said approximately 30-40 unsecured creditors had been identified in his preliminary reports on the shed company, with a portion of the $1m debt also comprising employee benefits.

Mr Stimpson said Ms Hansen’s other collapsed company, Bawws Digital Media and Business Solutions, which operated the business Bubba Cloud, was estimated to owe approximately $400,000 in debts.

More than half the estimated debt owed by Bawws Digital Media and Business Solutions was to Dynasty Property Developments.

The release of the preliminary debt figures comes almost one week after Ms Hansen issued former clients of the shed company with defamation letters demanding a payment of more than $20,000.

According to multiple former clients of Dynasty Property Developments, who have spoken with this publication, they paid hundreds-of-thousands of dollars to the company for sheds that were never delivered.

Among those impacted are a Brisbane couple, who claim they are owed more than $180,000, and a Sunshine Coast farmer who paid $170,000 for a shed that was allegedly never manufactured.