Noosa companies Value Pools and Pool Help appoint liquidator to manage debt

A Noosa businessman’s death earlier this year triggered the discovery of significant debts after the new directors took charge, unearthing more than $800k worth of bills owed.

Greg Dodd, middle. Picture: Supplied.

A pair of Noosa-based swimming pool companies have plunged into liquidation after the death of the former director uncovered more than $800,000 worth of debts.

Australian Securities and Investments Commission records show the members of Value Pools (Aust) Pty Ltd and Pool Help Pty Ltd appointed Paul Nogueira of Worrells Solvency and Forensic Accountants on September 20 and October 11 respectively.

Value Pools was a fibreglass swimming pool manufacturer along Production St, Noosaville which Australian Securities and Investments Commission documents revealed shared the same address as Pool Help.

The records show the director for both businesses was Gregory Michael Dodd, who passed away earlier this year.

Records also showed Jordan Dodd, 32 – who was approached for comment for this story –stepped in as sole director for both companies on September 13.

She was understood to be Mr Dodd’s daughter. It is not suggested she had any involvement with the companies prior to her father’s death.

Greg Dodd, middle. Picture: Supplied.

Mr Nogueira said the former director passed away earlier this year and the new director had discovered the businesses were in significant debt when they took over which prompted the call for his services.

Mr Nogueira said he was unaware of the new director’s involvement with the businesses before they became director.

With his current information at hand, Mr Nogueira said it appeared the companies owed creditors more than $800,000, including $90,000 to employees, including superannuation, and $660,000 to the Australian Taxation Office, but his investigations were ongoing.

The records show Value Pools currently owed about $820,000, while Pool Help’s debt was unknown at this stage.

Mr Nogueira said the total figure was expected to rise as there were “a lot” of customers who had paid deposits for uncompleted pools.

“That creditor figure will grow substantially,” he said.

Mr Nogueira said several customers had already come forward, and he expected “many” more to present with debt claims.

Several comments had been left on Value Pools’ Facebook page from people claiming to be customers some of whom claimed to have paid deposits for incomplete projects.

Mr Nogueira said it was a slow process to measure the assets and liabilities of the companies given the old director had typically used paper records, but he said total assets were currently estimated to be worth about $500,000.

He said he was still determining how the companies had fallen into debt.

Originally published as Noosa companies Value Pools and Pool Help appoint liquidator to manage debt