A construction company in Melbourne collapsed due to $ 2.3 million, which means that customers have hundreds of thousands of dollars from their own pocket.
Area Projects PTY LTD folded last year with the appointed liquidator, John Morgan, who found the only bank account of the company, was an exaggerated by $ 20.
Questions remain more than a total of $ 2.5 million from the company transferred before it went bankrupt.
The company specializes in new houses, mansions and renovations.
While Mr Morgan walked through financial data, he discovered that the director, Brett McGauchie, and the company 'regularly transferred funds to each other', according to a report seen by news.com.au.
He found a 'pattern' where customer deposits were immediately transferred from the company, according to accounts 'presumably under the control' of Mr. McGauchie.
The transfers continued 18 months prior to the collapse of the company and amounted to $ 2.5 million.
But Mr. Morgan added that he “had not yet determined” whether the transfers were made for the benefit of the director.
Area Projects PTY LTD collapsed last year with the appointed liquidator, John Morgan, who found the only bank account of the company, was exaggerated by $ 20
The director of area projects, Brett McGauchie, and the company 'regularly transferred funds to each other'
He also noted that Mr. McGauchie may have transferred a property in the exclusive suburb of Camberwell, Melbourne, to someone else before the company went down.
He believed that the company traded insolvent insolvent for at least three and a half years.
A customer said that 'Mr. McGauchie' had run away in the sunset 'and had left them hundreds of thousands of dollars from their own pocket.
Reviews of the Online also showed that customers were left in the Lurch.
“Worst experience in my life,” someone said. 'Area projects have done a renovation for our kitchen and it was a complete disaster. Cheap material, everything falls apart. '
'They only completed 20 percent of the renovation of our house. Our house looks like a war zone, “said another.
“We have engaged area projects to do some renovations,” a third said. “They not only did a terrible work, but they also refused to end the job.”
Of the $ 2.3 million that the company owes, the Australian Taxation Office owes $ 715,609 the largest creditor.
