Sanad Capital’s Bradley Sutherland’s transactions looked at by liquidator

The developer behind a proposed $350m surf park and resort complex on the Sunshine Coast paid himself more than $600k in a series of possibly voidable transactions, prior to the collapse of his company, liquidators claim.

Bradley Sutherland's company Sanad Capital placed into liquidation.

The developer who planned on building a $350m surf park and resort complex on the Sunshine Coast paid himself more than $600k in a series of possibly voidable transactions, liquidator documents lodged with ASIC have revealed.

The company, Sanad Capital Pty Ltd, which was directed by Bradley Sutherland, was placed into liquidation in April this year.

Liquidator, Tracy Knight from Bentleys, was appointed to the company by a Supreme Court order, according to the Australian Securities and Investments Commission documents.

The company was behind plans to build the Actventure water park and resort, estimated to cost around $350m, including a $40m wave pool on Steve Irwin Way in Glenview.

In a report to creditors published in July Ms Knight indicated a number of findings into Sanad Capital and Mr Sutherland, including what the liquidator alleged was a possible breach of the director’s duties and a series of possible voidable transactions.

Sanad Capital Pty Ltd's water park and resort at Glenview.

Ms Knight stated that “further inquiries” would need to be made into bonus payments made from Nurrowin Funds to Mr Sutherland and his wife, as possible voidable transactions.

No action has been taken by regulators and Mr Sutherland’s wife is not accused of any wrongdoing.

Mr Sutherland received $617,677 in wages, bonuses and superannuation from Nurrowin Funds.

Sanad Capital was also likely insolvent from August last year, the report stated, and the total debt owed by the company was estimated to be about $7m, mostly owed to Nurrowin Pty ltd.

According to the report, Sanad Capital was the management company engaged by Mr Sutherland’s separate company, Nurrowin, to ensure the delivery of the surf park planned for Glenview.

Nurrowin was placed into voluntary administration in November last year.

The end of administration term report for Nurrowin published on ASIC on April 15 this year stated the company owed more than $19m to a total of eight creditors.

Mr Sutherland has been contacted for comment.

Originally published as Sanad Capital’s Bradley Sutherland’s transactions looked at by liquidator