Linix Group boss referred to ASIC over liquidator claims
A Queensland business owner who worked on a Ferrari dealership and the Gold Coast Cultural Precinct has been referred to ASIC over allegations of corporate law breaches. TAKE A LOOK INSIDE HIS LUXURY HOME.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
A Gold Coast businessman who worked on lighting the Southport Ferrari dealership has been referred to the corporate watchdog over a suite of allegations.
Paul Penrose’s Linix Group Australia collapsed in March owing $1.45m to 42 creditors.
Carmel Imrie and her daughter Carly put Gold Coast movie production companies into administration
Linix Group, which traded as OMS Lighting Australia, was a commercial lighting business that worked on some of the Gold Coast’s most prestigious projects.
According to the company’s website it helped light the Southport Ferrari dealership to showcase the quarter-of-a-million-dollar machines.
The company, which was founded in 1996, also worked on the Gold Coast Cultural Precinct.
In a report to creditors in July GT Advisory liquidator Glenn O’Kearney revealed his investigations uncovered a number of allegedly questionable transactions.
Mr O’Kearney’s report alleges Mr Penrose made preferential payments totalling $256,897 to three creditors, took “excessive payments” from the company and racked up debts of $1.3m while trading insolvent.
“It is my initial view that the company was insolvent from on or around August 2017,” Mr O’Kearney’s report notes.
He confirmed the alleged breaches had been reported to ASIC, however declined to provide further details.
It is unknown yet what action, if any, ASIC will take regarding the referral.
The Courier Mail attempted to contact Mr Penrose however efforts failed.
Property records reveal the sole director owns a three-storey, five-bedroom mansion on the banks of the broadwater at Southport which he purchased in 2018 for $1.3m.
In January, seven weeks prior to the company’s collapse, a 2016 Mercedes Benz C43 Coupe and a Mercedes GLC43 was traded in for $69,032 and $66,000.
Mr O’Kearney acknowledged investigations into Mr Penrose’s personal financial situation was continuing.
“My preliminary investigations into the director’s personal financial position indicates he may hold sufficient assets to satisfy an insolvent trading claim,” he noted.
Mr O’Kearney expects unsecured creditors will receive up to 11c in the dollar.
Originally published as Linix Group boss referred to ASIC over liquidator claims
$45 billion: Inside Coast’s miracle economic turnaround
The Gold Coast has Australia’s fastest-growing economy, with a new report revealing the city’s fiscal output is now worth an astonishing $45bn. FIND OUT HOW
The best ETFs of the past five years
Exchange traded funds, which let investors buy into entire sectors or markets with just one transaction, are going from strength to strength. But some ETFs are stronger than others.