Photos of failed builder Pivotal Homes director reveal high-flying lifestyle before company collapse
Before his company crashed into liquidation owing more than $6m, Michael Irwin lived a high-flying life of fancy cars, amazing homes and nights out with sporting royalty.
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Before his company crashed into liquidation owing more than $6m, Michael Irwin lived a high-flying life of fancy cars, amazing homes and nights out with sporting royalty.
Photos posted to social media show Mr Irwin enjoying a corporate box with NRL great Wayne Bennett, visiting Broncos players in their locker room and mixing with past and present stars and coaches including Alan Langer, Shane Webcke, Darren Lockyer, Ben Hunt and Matt Gillett.
Mr Irwin was also a guest at exclusive Ferrari owners’ club functions, mixed with some of the city’s top lawyers, and met with boxing coaches and players.
The pictures belie what the future held for Pivotal Homes, which went into liquidation in May.
Before the crash, Mr Irwin had owned some of the city’s most beautiful homes, including a five-level ridgetop home, with panoramic ocean views, in Burleigh Heads, which he sold for $1.9m in 2016.
Mr Irwein has also owned multiple homes on Isle of Capri, including one on Gibraltar Dr, which he sold for $1.9m in 2017, and one at The Corso, which he bought for $3m in 2016 before renovating and selling for $4.5m in 2020.
The company’s former headquarters sold under the hammer for a seven-figure sum – but Pivotal creditors owed more than $6 million won’t see a cent as the office was owned by a related company, not Pivotal itself.
Former offices of collapsed Gold Coast builder Pivotal Homes sold
September 9, 2022: The former headquarters of failed builder Pivotal Homes has sold under the hammer for a seven-figure sum – but Pivotal creditors owed more than $6 million won’t see a cent of it.
Pivotal’s liquidator says the sale proceeds for the office, which was not owned by Pivotal Homes, were out of the scope for his investigations.
The three vacant offices, on level five of 33 Elkhorn Ave at Surfers Paradise, were sold as one lot, with the option of each being sold separately if a single buyer could not be found.
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As it happened, a single buyer was found for all three lots, with seven minutes of stop-start bidding busting just over the reserve to finish at $1.05m.
The offices were sold by company V24 in which all shares were, until recently, held by Pivotal director Michael Irwin, 61.
The shares were transferred to a third company, solely held by his daughter Courtney Irwin, 34, on August 5. Mr Irwin remains a director and secretary of V24.
Neither Irwin is accused of wrongdoing in respect of the property’s sale.
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Pivotal’s liquidator, Chris Cook of Worrells, said the assets of V24, listed as a related company of Pivotal in his report, were out of his scope.
“The shareholding of that company does not fall under our authority and therefore we are not conducting investigations into that matter,” he said.
Pivotal had 103 houses under construction, in various stages from slab pours to turnkey, and 177 homes waiting on council approval, when it collapsed in May.
Mr Cook’s report stated there were 169 unsecured creditors owed $6.17m between them.
A company-owned Ferrari, purchased for $440,000 in 2018, was sold for $480,000 three months before the liquidation, with sale proceeds returned to the company.
It’s a far cry from the lifestyles of those owed money, with subbies and homeowners speaking out about the far-reaching impacts of the liquidation.
Subcontractors have taken the biggest hit from the collapse, many of them small family companies whose livelihoods depend on builders paying the bills.
Debts owed by Pivotal range from under $100 to over $1m.
“For the last three years we dealt with border closures, lack of staff shortages of materials and now a major financial blow,” said Lucita Fenton, co-owner of Tweed Heads South family business Visor Blinds, which has lodged a claim for $35,587.
Mr Iwin has himself emerged as the second largest unsecured creditor of the company, claiming he’s owed $417,670.
The liquidator will submit a confidential report to ASIC to address suspected breaches, if any, of the Corporations Act, or other alleged offences by the director that may be identified during the liquidation.
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