Colossal Constructions: Sheen Lomax’s company in liquidation strife
The son of a rugby league great has suffered the devastating collapse of his business with debts totalling $364,000.
Canberra Star
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A Canberra construction business belonging to the son of prominent rugby league player turned union organiser John Lomax has gone into liquidation.
Colossal Constructions, whose director is John’s son Sheen, was placed in voluntary liquidation on July 10 with debts totalling $364,000.
The Bonner-based company is now in the process of being wound up by Ezio “Eddie” Senatore of Eddie Senatore Advisory.
Like his father who has represented the family’s native New Zealand internationally and played for the Canberra Raiders, North Queensland Cowboys and Melbourne Storm, Sheen is also a talented footballer.
He was once considered a prime recruit for the Raiders juniors and played last season with the Gungahlin Bulls.
A Colossal Constructions employee owed $1270 in wages is a secured creditor so will get his full entitlement as will the National Australia Bank which is owed $67,400 and Volkswagen Financial Services, owed $127,000.
The company owes the tax office $50,000 and unsecured creditors including Phillip based business Lennock Motors $110,000 and toolmaker Hilti $7600.
In his initial report to creditors, Mr Senatore said the liquidation was in its infancy and he could not yet estimate what return on their money unsecured creditors might see.
“I am unable to provide a dividend estimate of any certainty at this stage of the liquidation,” Mr Senatore said.
“If I do declare a dividend, any creditor whose claim has not yet been admitted will be contacted and asked to submit a proof of debt.”
The report reveals it was Sheen’s mother Kaaren who with the assistance of the family lawyer first approached the administrator about the possibility of liquidating the company in April.
“On 25 May, 2020, Mrs Lomax advised me during a telephone conversation that the Company’s tax affairs had been brought up to date and an attempt to enter in a payment arrangement with the Australian Taxation Office would not be possible as the Company had insufficient funds to meet the debt as the Company had ceased trading,” Mr Senatore wrote.
“On 5 June 2020, I met with (lawyer) Mr (Peter) McGrath who had confirmed his instructions to place the Company into liquidation. I prepared and forwarded the necessary appointment documents via email in order for the appointment to proceed.”
Mr Senatore said he would share more information with creditors as it came to light.
“The liquidation has only just commenced. I intend to immediately commence my investigations into the affairs of the Company,” he said.
“In this regard I have prepared and dispatched my initial notices to statutory bodies and financial institutions. I am also currently seeking copies of the Company’s books and records in order to assist with my investigations. I will keep creditors informed about the liquidation.”
The Canberra Star attempted to contact Mr Lomax for comment but he did not respond.