Businessman's fifth venture goes under in 19 months

A Toowoomba businessman has seen five of his business ventures fall into external administration in the last 19 months, costing creditors hundreds of thousands.

FILE PHOTO: Businessman Mark Peart. . Picture: Tom Threadingham

TOOWOOMBA businessman Mark Peart has seen five of his business ventures fall into external administration in the last 19 months, costing creditors hundreds of thousands of dollars.

The latest casualty is Homestead Highfields Limited, a land development company which was tipped into voluntary administration on April 21.

Jason Bettles of Worrells Solvency and Forensic Accountants is conducting the administration of the company.
Australian Securities and Investments Commission records currently list Grant Allsopp, Mr Peart, and his wife Fiona Peart as directors of the company.

Records also show Power Tynan executive director Paul Hilton was a director of Homestead Highfields from its creation in November 2017, until February 21 this year, when he was replaced by Mrs Peart. 

According to Worrells' current figures, the company has no assets, and owes 10 unsecured creditors $526,192. 

Creditors include BRC Property Group, Millwell Services, Moella Pty Ltd, Murray and Lyons Solicitors, Peartland Pty Ltd, Power Tynan, RMA Engineers, and RMA Soils.

The move into voluntary administration came off the back of an application to wind up the company from Toowoomba-based firm RMA Engineers.

Supreme Court records show RMA Engineers applied to have Homestead Highfields wound-up over an unpaid debt on April 14. 

Mr Bettles' advice to creditors said he received a phone call and email from the company's accountant Mifsud Spencer and Associates on April 9 "regarding the company's financial position and the appointment of a voluntary administrator".

On the same day RMA Engineers applied to the Supreme Court to have Homestead Highfields wound up, Mr Bettles said he had a teleconference with Mifsud Spencer and Associates, and Mr Peart, to discuss the company's financial position, and the consequences of a voluntary administration.

A court hearing for RMA Engineers' application was set down for April 30, but was vacated as the company had already gone into administration.

The first meeting of creditors was held on April 30 instead.

RMA Engineers are currently the largest creditor, owed $204,783, followed by Moella Pty Ltd, owed $135,969. 

Another company directed by Mr Peart - Peartland Pty Ltd - is owed $118,125, according to Worrells' most recent figures.

RMA Engineers was contacted for comment but declined. 

RELATED:Land development company in administration

Mr Bettles' advice to creditors shows Kilcoy 21 Pty Ltd (previously Peart Land Pty Ltd), Mareeba 01 Pty Ltd (previously Richmond 23 Pty Ltd and Ozzydevelopments Pty Ltd), and Kin Kin 75 Pty Ltd (previously Wolvi72 Pty ltd and Toowoomba Constructions Pty Ltd) all went into liquidation over the last 19 months and all listed Mr and Mrs Peart as former and current directors respectively.

Mareeba 01 Pty Ltd owes roughly $400,000 to the Australian Taxation Office, according to the latest report filed by the liquidator, Worrells' Nikhil Khatri. 

As previously reported by The Chronicle, Mr Khatri said in December 2019 and again in his latest report that Mr and Mrs Peart met the criteria for ASIC to consider director banning.

"(They) have been directors of three other entities which were placed into external administration within the last 14 months, two of which have proceeded into liquidation," he wrote.

Mr Khatri wrote he would be making an application to ASIC to request funding to carry out investigations and to prepare the supplementary report for ASIC to consider disqualification of both Mr and Mrs Peart from managing a corporation for up to five years.

When contacted by The Chronicle this week, Mr Khatri said: "Our investigations into Mareeba 01 Pty Ltd are continuing at this time and no further change has occurred since the last update."

Mr Peart and Mr Hilton were contacted for comment.

Originally published as Businessman's fifth venture goes under in 19 months