Seven companies linked to Pappas and Doumani families ordered into liquidation by Supreme Court

Companies at the centre of a court stoush between two high-profile Gold Coast families have been ordered into liquidation, leaving 60 people without jobs and 2000 clients in limbo.

Companies at the centre of a stoush between two high-profile Gold Coast families have been ordered into liquidation by a court, leaving 60 people without jobs and 2000 clients in limbo.

Liquidators now face the task of examining seven companies linked to members of the Pappas and Doumani families, which operated financial services businesses from a corporate base in Bundall – now set to be sold.

The companies owe more than $4 million between them, but also own a valuable commercial property in Bundall.

Jack Doumani and his son John Doumani, along with Chris Pappas, were previously co-accused in a multimillion-dollar “boiler room” fraud case.

Mr Pappas was among several men charged in 2016, when police made allegations of selling false betting products or services.

The charges against Mr Pappas and Jack Doumani, his son John and Kevin Seymour were suddenly dropped after permanent stays against the prosecutions were granted in the Southport District Court earlier this year.

None of the cases were ever formally listed for trial.

Jack Doumani.

Chris Pappas.

A rift in the families’ once amicable business partnerships went public earlier this year when Supreme Court action was launched by Mr Pappas and his sister Isabella.

According to court documents, the Pappas’ and Doumanis were fighting over everything from allegedly being shut out of business meetings to control of office items including executive desks, a fridge, microwave and coffee machine.

The seven companies ordered into liquidation by the court are each directed by either James Doumani – Jack Doumani’s other son – Isabella Pappas or both.

Liquidator Nick Keramos of McLeod’s Accounting said the court wound up the seven companies to find a “just and equitable” solution for the dispute.

Mr Keramos said the companies had a range of different business operations.

“The liquidation has affected more than 60 employees and contractors of Next Generation Advice, Integral Wealth Group and Integral Advisory Solutions,” he said.

“The liquidators have executed an agreement with an unrelated party to transfer the clients of the entities who provided financial planning advice.

“As at the date of appointment of the liquidators, the companies provided financial advice to more than 2000 clients.”

Mr Keramos said the property at 21 Upton St would shortly be marketed for sale.

Companies linked to the Doumani and Pappas families have gone into liquidation. Picture: Glenn Hampson

Property records show the group’s Upton Plaza office building is owned by the company 21 Upton Street Holdings, which bought it at auction for $5.3 million in December 2020.

Meanwhile, an eighth company that operated a financial advice business from the same office, Wealth Rite, is also in liquidation with debts of more than $1.3 million after Federal Court action from the ATO.

That company is directed by accountant Alvin Lee, with shares held by Mr Lee and Chris Pappas Sr, 83.

Liquidator William Robson of Robson Cotter said he’d reported Mr Lee to ASIC for allegedly failing to provide the company’s books and records.

Isabella Pappas is the younger sister of muscle car racer Chris Pappas, who was allegedly bashed with a hammer and stabbed by masked men in an early morning raid on his waterfront mansion in August.

Police were last month probing potential links between the alleged attack on Mr Pappas and the reported firebombing of a Mermaid Beach salon, HSK Hair, owned by his partner Krystle Earsman.

Joshua Timothy James Phillips, of Tweed Heads, has since been charged with unlawful wounding, acts intended to cause grievous bodily harm, and enter dwelling and commit over the alleged assault of Mr Pappas.

Mr Pappas was involved in a fiery high-speed crash at Bundall in 2022 when he and Ms Earsman were pulled from the burning wreckage of his $330,000 McLaren supercar.

It was reported at the time and he and the woman were “lucky” to escape with minor injuries.

There is no suggestion that any of the Doumanis were involved in the attack on Mr Pappas or the firebombing of Ms Earsman’s salon – or that these events are in any way connected to the Supreme Court actions.

Chris Pappas and Krystle Earsman.

The burning wreckage of the McLaren.

Companies in liquidation:

21 Upton St Holdings Pty Ltd as trustee for The 21 Upton Street Unit Trust

Director: James Doumani

Shareholders Isabella Pappas and N & J Consultants, which is owned and directed by James Doumani.

Debts/assets: In the director’s report on company affairs lodged with ASIC, Mr Doumani said Isabella Pappas owed the company $68,000 for a vehicle loan via a local Frizelles dealership.

The report said the company owed Natalie Doumani $770,000; Mr Doumani $300,000; and ORDE Financial $2.6 million.

It said the property at 21 Upton St was worth $5.3 million, and had leasehold improvements worth $109,861.

Next Generation Advice

Directors: James Doumani and Isabella Pappas

Shareholders: NGAA

Debts/assets: unknown

NGAA

Directors: James Doumani and Isabella Pappas

Shareholders: FBC Australia

Debts/assets: Holding company with no assets or liabilities declared by directors

FBC Australia

Directors: James Doumani and Isabella Pappas

Shareholders: Isabella Pappas and N & J Consultants, which is owned and directed by James Doumani.

Debts/assets: Holding company with no assets or liabilities declared by director

Sharpmove Finance

Directors: James Doumani

Shareholders: Queensland Aerial Photography, which is directed and owned by Mark McClue, 37; and N & J Consultants, which is owned and directed by James Doumani.

Debts/assets: $520 cash in the bank, $2101 liabilities

Integral Advisory Solutions

Directors: James Doumani

Shareholders: Integral Wealth Group

Debts/assets: Iress Wealth Management owed $8792, company owes staff entitlements of more than $160,000.

Integral Wealth Group

Directors: James Doumani

Shareholders: Queensland Aerial Photography, which is directed and owned by Mark McClue, 37; and N & J Consultants, which is owned and directed by James Doumani.

Debts/assets: Assets declared by the director include “trail geek comms” worth $1.3 million and “equipment” worth $2500. Liabilities include superannuation, GST and other taxes totalling more than $525,000