The boss of a failed building company “ripped” $1 million out of the business for personal investments and paid himself a six-figure salary just before it collapsed owing subbies $45 million.
Glen Norris October 22, 2021 - 5:19PM The Australian Business Network
The boss of a failed building company “ripped” a $1 million out of the business for personal investments and loans to a friend as it headed toward a $45 million collapse, a court has heard.
A public examination in the Federal Court into the failure of Cullen Group Australia was told director Wayne Cullen transferred the money despite a rising number of subbies complaining they had not been paid. The court also heard that Mr Cullen paid himself a end-of-year salary of $400,000 the week before the company collapsed.
Barrister Ian Moon, for liquidator Michael Caspaney, said Cullen Group financial controller Joel Pickering had warned Mr Cullen that the Brisbane-based company was at risk of becoming insolvent in January 2016.