On 11 April 2018, Morgan Lane of Worrells Solvency and Forensic Accountants was appointed administrator of Jeygar Investments Pty Ltd trading as Good Real Estate, in Gladstone. The voluntary administration appointment was subsequently moved to liquidation appointment on 17 May 2018, with the same appointee, Mr Lane at Worrells.
The business is still trading with staff retained and there will be no impact on property owners and tenants under Good Real Estate’s management and sale listings. The business will also take on new listings.
Worrells is seeking an orderly sale of the company’s business and other assets to enable payment of outstanding employee entitlements and amounts owing to its other creditors.
The director indicated that several factors contributed to the company’s insolvency and subsequent liquidation, including: downturn in industry and economy, and continued trading losses.
The administration is in its infancy, with Mr Lane calling for creditors to lodge a formal proof of debt via Worrells’ website (www.worrells.net.au). Reports to creditors will be issued shortly, further to statutory investigations being completed.
Worrells has 25 offices nationally and 26 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for 45 years.
Partner, Worrells Brisbane & Rockhampton