COAST START-UP INVESTMENT FIRM PUT INTO LIQUIDATION AFTER RESTRUCTURE

DIRECTORS of a Gold Coast blockchain start-up investment firm have moved to wind up their company and a new entity founded less than two months ago has bought the company’s remaining asset.

Asitha Koralage and Johnathan Regan are directors and shareholders of Bundall’s

Blockchain Finance Pty Ltd. According its website, taken down for maintenance after Bulletin queries, the business offers a wide range of services.

They include investment and guidance to blockchain start-ups, software to identify cryptocurrency trading and investment opportunities and due diligence on Initial Coin Offers.

On September 18, directors voted to voluntarily wind it up, appointing Mark Pearce and Michael Dullaway, of Pearce & Heers, as liquidators.

The Bulletin phoned a number on the company website to find it disconnected and was told upon visiting its listed premises at the Corporate Centre in Bundall the company was no longer there. Before the website was taken down it listed Kersai Pty Ltd as the owner of the business.

Kersai was registered on July 29 this year and lists Mr Koralage and Mr Regan as its sole directors.

Mark Davidson, of Pearce & Heers, said the decision to place the company into liquidation was part of a restructure of the business: “It was sort of COVID affected but the reason they kept it going was because there was all this government stimulus that was happening so they obviously took the stimulus because why wouldn’t you? Every business is doing it.

“They used it as an opportunity to restructure it, make it a bit more leaner. They have bought the assets of the company.”

Mr Davidson said there was no suggestion of the directors engaging in phoenixing activity.

He said they had paid fair market value for the sole asset of Blockchain Pty Ltd, a motor vehicle, which had been transferred to Kersai Pty Ltd.

Mr Davidson said both directors are the main creditors to Blockchain and are owed about $35,000 each.