Liquidator seeks funds to investigate directors

THE liquidator of a Toowoomba land development company will apply to the Australian Securities and Investments Commission for funding to investigate the activities of its director and former director. 

Worrells Solvency and Forensic Accountants' Nikhil Khatri was appointed liquidator of Mareeba 01 Pty Ltd after creditors voted to wind up the company. 

Mr Khatri was previously the administrator of the company, which was placed in voluntary administration in November, owing just shy of $400,000 to the Australian Taxation Office. 

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

The last lot was sold in October. 

In his report to creditors, written while he was administrator, Mr Khatri said his preliminary investigations indicated company assets may have been transferred to a related entity for under value, "which is considered a breach of director duties". 

Shortly before Mr Khatri's appointment, directorship of the company changed from Mr Peart to Fiona Peart, and its name was changed. 

The report also noted that "the director (Fiona Peart) and former director (Mark Peart) have also been directors of three other entities which were placed into external administration within the last 14 months, two of which have proceeded into liquidation". 

"As a result, the director and former director meet the criteria for ASIC to consider director banning," Mr Khatri wrote. 

"I will make an application to ASIC to request funding to carry out an investigation and prepare a supplementary report and provide my recommendation on whether ASIC should consider disqualification of the current and former director from managing a corporation for up to five years." 

Mr Peart declined to comment when contacted. 

Mr Khatri 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.

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