Bookkeeping at failed Gold Coast builder Queensland One Homes was in such a mess that it was leading to “garbage” financial reports, the company’s accountant has told a public examination.
Alister Thomson, Gold Coast Bulletin Subscriber only|October 2, 2019 12:00am
BOOKKEEPING at failed Gold Coast builder Queensland One Homes was in such a mess that it was leading to “garbage” financial reports, the company’s accountant has told a public examination.
Brisbane-based accountant Kevin Dellow gave evidence yesterday on the second day of a five-day public hearing into the collapse of the Gold Coast company.
Q1 Homes collapsed in 2017 owing more than $5.8 million to over 130 tradies and taxpayers, and leaving families with incomplete homes. The hearing is the fulfilment of an election-eve funding promise from the State Government and seeks to examine Q1’s business model in detail and what led to the company’s failure.
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Mr Dellow was brought in by Q1 in December 2013 to prepare a crucial financial review to be given to the Queensland Construction and Building Commission.
His review found Q1 had positive net tangible assets thanks to work in progress (WIP) of $2.295 million, ensuring the company was able to retain its licence.
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