Realty firm bust in gangbusters times

A GOLD Coast real estate company has managed to go bust in a boom, owing money to a landlord and the tax office.

One 2 See Realty is registered in Bundall but operated out of Boonah before it entered voluntary administration this week.

Liquidator Matthew Bookless of SV Partners was appointed administrator.

Mr Bookless said the major creditor was the Australian Taxation Office, which was owed more than $65,000, and a landlord who still had a twoand-a-half year lease.

“It’s too early to say what our determination will be as to why the business has failed, but the director has indicated that it’s a result of him not being actively involved in the business, or not being involved enough to make it successful,” he said.

Aratula local Jared Pennell was director and sole shareholder of the agency, and he also operates a popular bakery at Boonah.

Mr Pennell declined to comment on the collapse of his real estate company.

Mr Bookless said the number of company insolvencies had begun to creep up since the removal of government COVID-19 support.

“We are starting to see a bit of a return to what we would say are normal insolvency numbers,” he said.

Mr Bookless said insolvency professionals no longer expected a flood of COVIDrelated company failures.

“It’s probably just going to get back to a more normal level,” he said. “The measures that the governments put in place will go a long way to preventing a lot of companies from becoming insolvent.”