Creditors of Secure Holdings Qld Pty Ltd are seeking to replace liquidator after three years

The United Group of companies went bust in 2017 owing a combined $13 million. Now creditors of one company are pushing for the liquidator to be replaced.

Creditors are seeking to replace the liquidator of Secure Holdings Qld Pty Ltd, one of the failed United Group companies.

The United Group companies went bust in 2017 owing a combined $13 million to creditors.

Secure Holdings Qld was the finance arm of the group, raising money from self-managed super fund investors.

Providing an update to creditors, liquidator Adam Ward of Worrells Solvency and Forensic Accountants said he had called a meeting for December 16 after a request by seven creditors to consider a resolution to replace him and his colleague Jason Bettles.

Mr Ward and Mr Bettles have been investigating the circumstances of Secure Holdings Qld’s collapse, and the failure of other United Group companies, since 2017.

In March this year, Mr Ward undertook a public examination of the directors of United Project Partners, the parent company of the group.

He said so far, “some 170,000 documents have been reviewed across the United Group” throughout the course of their investigations and a new liquidator would be required to “familiarise himself with the complex issues that have been determined”.

Mr Ward also said $220,589 in funding from ASIC to pursue the liquidation would not be transferable to a new liquidator.

“I am of the view that it would not be in creditors’ interests to replace the liquidator at this critical stage of the administration,” he said.