The boss of a Queensland construction company which went bust owing $4.1 million is living in a stunning home in a sought-after coastal town as another of his companies faces collapse.
Hayden Johnson, The Courier-Mail Subscriber only|February 12, 2020 4:36pm
THE embattled director of a failed construction firm is living in a beachside paradise while subcontractors chase millions of dollars and another of his companies faces a similar fate.
Martin Graham’s Vystal Construction and Development fell into liquidation last month owing $4.1 million to creditors.
The Courier-Mail can reveal an application for a winding-up order has been lodged against another of Mr Graham’s company, Vystal Pty Ltd.
The move to wind-up Vystal, a property investment group, was made by Sasha Legal on behalf of Print Management Facilities Australia on December 18.
The case is set to be heard in the Supreme Court on March 19.
It was lodged just weeks before the collapse of MJM Projects, trading as Vystal Construction and Development, on January 29.
Mr Graham’s failed building company owes 190 creditors $4.1m, but they are unlikely to see a cent with liquidator Steven Staatz tipping a $4.2m deficiency once his costs are covered.