Harder they fall: Privium boss in spotlight again
The $80m collapse of Queensland building company Privium three years ago is in the spotlight again with a public examination by liquidators in the Federal Court.
The $80m collapse of Queensland building company Privium three years ago is in the spotlight again with a public examination by liquidators into the reasons behind its failure underway in the Federal Court.
Earlier this week, the examination heard from Privium’s long-time legal adviser Louis De Beer about how everything went pear-shaped for what was once the country’s eighth-biggest building company. De Beer, through his law firm NXT Legal, provided legal advice to Privium and founder Rob Harder on many of its business dealings.
But even De Beer appeared confused at times about the increasingly complex transactions conjured up within Privium as its financial fortunes went south.
At one stage, De Beer described a $20m deal that appeared to send funds in a circle around the company’s various corporate entities, as “Hardernomics.”
De Beer also noted Harder was focused on the potential of cryptocurrency and blockchain after attending a seminar in Sydney. De Beer says Harder planned to start his own cryptocurrency based on a managed investment scheme. ‘There was a market and people were buying these things left, right and centre,” De Beer says.
Privium Group collapsed in late 2021 leaving hundreds of unfinished homes around the country. Later this month, Harder and wife Rachel Harder will front the public examination in Brisbane, not doubt eager to give their own version of events. These days Harder bills himself as an “executive and business mindset coach.” Watch this space!
Full circle
Four weeks after circular economy pioneer Circonomy went into voluntary liquidation, founder Yasmin Grigaliunas says they’ve “closed the circle”. Circonomy sold a range of goods that would have otherwise gone to waste and Grigaliunas says that in the past month the company has worked with liquidator BRI Ferrier, to empty a full warehouse of products. “Together, we have ensured that every single product found a new use, new home or new purpose, raising funds, avoiding landfill, and honouring our commitment to finish with pride,” she says.
“We gave Circonomy a dignified end. We closed this chapter with the same dedication and heart poured in since day one.” Grigaliunas started the Brisbane-based social enterprise in 2013 as the charity fundraiser, the World’s Biggest Garage Sale. In 2017 WBGS became a company and five years later Circonomy was launched after Wesfarmers subsidiary Officeworks took a 21 per cent stake in the business.
Grigaliunas says Circonomy was a victim of the retail slowdown and after going into liquidation she has been overwhelmed with the messages of support. “Closing the doors on something built with passion and purpose is no easy feat. Yet together, we gave Circonomy a dignified end,” she says.
Dwight’s back
High-profile real estate man Dwight Ferguson is back in his old stamping ground after a stint on the Sunshine Coast. Ferguson is making a return to the river city after selling his Ray White business at Pelican Waters to join forces with long-time friend and colleague David Treloar as a sales agent at Ray White Metro North at Albion. Ferguson previously owned the Ray White franchise at Ascot for 18 years. He later opened Ray White Albion, which became Metro North, with Treloar nine years ago.
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