ASIC stops strike-off action for firms of Jim Raptis Jnr Evan - after ‘admin oversight’ fixed
Australia’s corporate watchdog has removed strike-off actions issued to four companies linked to a high-profile Gold Coast developer after he fixed an “administrative oversight”. DETAILS HERE
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AUSTRALIA’S corporate watchdog has removed strike-off actions issued to four companies linked to a high-profile Gold Coast developer after he fixed an “administrative oversight”.
Four companies directed by Evan Raptis: Varsity Financial Services; EJR Family Investments; Gelista Holdings; and Nundah Apartment Holdings were each issued a notice of proposed deregistration, meaning they could be deregistered within two months of each notice.
The notices have since been removed from all four companies.
All the companies marked for deregistration are solely directed by Evan Raptis and registered at the long-time Surfers Paradise address of his father, veteran developer Jim Raptis.
The elder Mr Raptis has overseen some of the city’s landmark projects and also biggest development company collapses.
EARLIER, JUNE 24:
FOUR companies directed by developer Evan Raptis have been earmarked for strike-off action by the corporate watchdog.
Varsity Financial Services; EJR Family Investments; Gelista Holdings; and Nundah Apartment Holdings have each been issued a notice of proposed deregistration, meaning they could be deregistered within two months of each notice.
Varsity Financial Services was issued a notice in September last year, while the other three were issued in April, May and June of this year. All strike-off actions were current on Wednesday.
ASIC declined to comment specifically on the deregistration notices, which can be issued for a range of reasons, including late or unpaid fees.
Inquiries to Mr Raptis for comment were returned by his corporate advisor, Andrew Johnson of Greystones Lawyers, who said the notices were the simply the results of an “oversight”.
“That’s just an administrative oversight, just an administration fee, they’ve been paid and the registration is going to continue,” he said.
“They have a large number of corporate entities and it was just an oversight.”
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The father and son are jointly developing projects including The Gallery and Pearl at Broadbeach and have worked together to create the mammoth Waterpoint Residences at Biggera Waters near Harbour Town.
The pair has a substantial workbook under way with developments totalling 500 units, either under construction, approved for development or in the planning stages.
Past Raptis projects include Southport Central, Hilton Surfers Paradise, Towers of Chevron Renaissance and Bundall’s Corporate Centre, among many others.
Raptis Group first listed on the ASX in 1986 but has twice been delisted, in 1991 owing investors $65 million and most recently in 2008 owing creditors $1 billion.
In 1991, it struck a deal which saw creditors recover just 3.5 cents in the dollar and in 2014 whittled down a $30m Australian Taxation Office bill related to the billion-dollar collapse to just $6.
In 2014 and 2015, two Jim Raptis companies used to develop the Sapphire building at Labrador went into liquidation with combined debts of $11.03m.
In 2019, Jim Raptis won a legal battle to keep his Queensland builder licence after a Supreme Court Judge ruled in his favour against the state’s construction regulator.
Originally published as ASIC stops strike-off action for firms of Jim Raptis Jnr Evan - after ‘admin oversight’ fixed
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