Liquidation for Toowoomba land development company

THE business dealings of a Toowoomba land development company placed in voluntary administration owing $400,000 to the tax man will be placed under further scrutiny.

THE business dealings of a Toowoomba land development company placed in voluntary administration owing $400,000 to the tax man will be placed under further scrutiny, after a meeting of creditors voted to liquidate the entity.

Mareeba 01 Pty Ltd was Toowoomba businessman Mark Peart's land development vehicle for Glendridge Estate, which involved the purchase and subdivision of two lots into 61 lots, off Boundary St in Glenvale.

The final lot was sold in October.

In October, Mr Peart transferred the directorship of the company to Fiona Peart, before the company was placed into voluntary administration on November 11.

 

 

In his report to creditors, then-administrator Nikhil Khatri of Worrells Solvency and Forensic Accountants said the director had advised the reason for the insolvency of the company was a downturn in Toowoomba property market and excessive debts incurred in relation to the project.

Mr Khatri is now the liquidator of the company, after creditors voted to place the business in liquidation on December 5.

Mr Khatri's review of the company's finances found it had "insufficient current assets to meeting its current debts" as far back as June 30, 2015, and it appeared to have "relied on loans from related entities and financiers to continue operating".

The company owes the Australian Taxation Office $399,839 and $6071 to the Office of State Revenue.