A seasoned Brisbane developer who built plenty of flash spots on Hamilton Island has suffered the collapse of a second company.
Anthony Marx, The Courier-Mail Subscriber only|November 13, 2019 5:26am
A SEASONED developer who built plenty of flash spots on Hamilton Island has suffered another serious blow.
He and his son blame the drama on continued fallout from Cyclone Debbie, which smashed the island paradise in early 2017.
The tax man has just secured court orders to wind up Hidden Cove Developments Pty Ltd, which was solely owned and controlled by Brisbane bizzoid Nigel Moore.
Cameron Crichton and Graham Killer (yes, really his name), both operatives from bean counters Grant Thornton, were appointed as liquidators last week. Neither returned calls yesterday and the amount owing to creditors remains unclear.
The company had planned to build 22 up-market apartments in the Hidden Grove project on Hamilton Island but only managed to complete the first stage of 13 before the cyclone unleashed hell. All 13, collectively valued at about $19 million, had been pre-sold before the storm.
The ATO move follows the court-ordered liquidation of another Moore-controlled entity, NBM Developments Pty Ltd, at the hands of suppliers back in June.
In a report to creditors, liquidator Glenn O’Kearney revealed that losses could top $5.2 million, with 57 unsecured creditors owed $3.87 million and another 116 employees chasing $1.33 million. The ATO was out of pocket a little more than $2.3 million.
Related parties owed $4.4 million to the stricken company, which O’Kearney determined had traded insolvent since mid-2017.
The Queensland Building and Construction Commission suspended the firm’s licence three separate times since 2015 before finally cancelling it last year.
O’Kearney’s investigations are continuing.
It’s a sad coda for Moore, who in more than two decades working on the island, developed a number of projects, including the Shoreline, Pinnacles and Panorama buildings.
City Beat couldn’t reach him for comment on Tuesday.
But we did manage to track down his son, Daniel Moore (illustrated), who is the sole owner and director of still-intact Moore Build Constructions Pty Ltd based at Birkdale.
He told us that labour and material costs skyrocketed after the cyclone and the land for the second stage was eventually offloaded to settle debts on the island.