BACK OUR SUBBIES Creditors taken to Hull and back BUT EXECUTOR OF CALCULATED SCHEME ESCAPES JAIL TIME
AN Upper Coomera woman who executed a “calculated and deliberate scheme” to move funds from her family’s failing building company into her own accounts before she went bankrupt, has been sentenced to jail.
However, Heather Rose Hull won’t serve a day of the 12-month sentence, which was fully suspended on a $5000 five-year bond.
In sentencing, Southport Magistrate Pam Dowse said Ms Hull did not devise the scheme but had been “influenced” by her husband, Michael Edward Hull, and the couple’s financial advisers.
After a brief of evidence had been served on her defence team, Ms Hull pleaded guilty to four counts of disposing of property totalling more than $300,000 before she went bankrupt in July 2015 with $500,000 in unsecured debts.
Despite Ms Hull receiving more than $900,000 from the sale of two properties before she went bankrupt, no funds were available for creditors by the time a liquidator and bankruptcy trustee came looking.
The court was told Ms Hull also received $270,000 from MacBean Classic Homes, of which she was a former director. Subsequent to her resignation as director, her husband was appointed as director.
In June 2013, that company was placed under external administration and liquidators were appointed.
Mrs Hull moved funds to the account of a company called Purejet Investments Pty Ltd, which later transferred them to an account held by her financial adviser, John Naramore SME’s R Us.
In March 2015, the liquidators of MacBean Classic Homes won a judgment for the $270,000 paid by the company to Ms Hull who withdrew $25,000 from her accounts that same month.
Four months later, Ms Hull filed for voluntary bankruptcy. However, she was discharged as a bankrupt in July last year.
The case was brought by of the Australian Financial Services Authority after the building company’s liquidator lodged a complaint.
Matthew Bookless, of SV Partners, liquidator of McBean Classic Homes, said his firm had worked unpaid for much of the liquidation, working with the bankruptcy trustee to ensure it was referred to AFSA and providing evidence for the criminal trial.
Mr Hull has since been excluded from holding a building licence because of his involvement with the collapse of McBean and two other companies, which failed in 2002.
In sentencing, Magistrate Dowse described the scheme as “calculated and deliberate”, adding that there had been no attempts at restitution or compensation and no contrition expressed.
BUSINESS, P70