COOLANGATTA REAL ESTATE FRANCHISE TERMINATED AMID INVESTIGATION

Written on the 7 June 2012

COOLANGATTA REAL ESTATE FRANCHISE TERMINATED AMID INVESTIGATION

LJ Hooker has terminated its franchise agreement with the real estate group’s Coolangatta office ahead of an investigation into the handling of a trust account at the agency.

A spokesperson cited a ‘fundamental breach’ as the reason for the May decision, urging any concerned customers of the Coolangatta agency to contact the Queensland Office of Fair Trading (OFT).

“We are working with both the Queensland and New South Wales OFT to ensure customers are not impacted by the closure,” says the spokesperson.

OFT has asked receivers Insolvency Turnaround Solutions (ITS) to investigate allegations by the agency’s principals that funds from the Coolangatta agency’s property management trust account went missing between August and December last year.

An ITS spokeswoman confirmed investigators led by Brisbane principal Julie Williams would also determine if any landlords who leased properties through the Coolangatta agency had received all monies owned.

The LJ Hooker Coolangatta agency was managed by the holding company Golden Four Coolangatta Real Estate, which went into liquidation several weeks ago.

Worrells Solvency and Forensic Accountants Gold Coast managing partner Jason Bettles is acting on the liquidation.

"The secured creditors BankWest are first in-line to get their money back, but will suffer a shortfall of at least $500,000,” he says.

“It looks like shareholders will not get their money back as the agency’s assets only include the rent-roll and furniture – sold by Lloyds Auctions in Carrara."


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter