Collins Realty declared insolvent, employees owed over $200k
THE dream of founding a real estate empire ended in tatters after Warwick man Matthew Collins's Brisbane-based Collins Realty Group was liquidated, reporting only $450 remaining in company coffers.
The company, which was the culmination of Mr Collins' 22 years of industry experience, was described as "a vision” designed to "comprehensively support amazing agents” and provide "the best industry practices”, via the Collins Realty Group website.
Documents obtained from the Australian Securities and Investments Commission show a different reality.
The 20 company staff are owed about $200,000 in entitlements, including unpaid wages, superannuation and leave entitlements, according to Worrells Solvency and Forensic Accountants.
Real estate agent Travis Parsons worked on a commission-only basis for 12 weeks and says he never received any of the $23,000 he was owed for the sales of three homes he made while employed by the company.
"I just got a phone call, totally out of the blue,” Mr Parsons said.
"They told me they can't afford to pay anyone any more. There was no indication.
Mr Parsons said employees working on a commission basis were those hurt the most, as they relied on sales for income.
"We're probably owed the most money out of everyone,” he said.
More than $300,000 is owed by Collins Realty and a list of known creditors reveals the business failed to pay for copiers and printers, and accountants and recruitment companies over the course of its operation.
More than $700 is currently owed to the Regatta Hotel in Toowong.
Insolvency documents show MrCollins and his father, Graeme Collins, met Jody Ross of Worrells on July2, 2019, to discuss the company's financial affairs.
The discussion came five months after creditors Harding Richards Lawyers took the company to court seeking liquidation.
That case was dismissed.
Mr Collins is listed as the director of five other companies, none of which are known to be facing liquidation.
One such company MrCollins runs is M.B.C. Constructions, which operates in Warwick.
According to an Equifax report, the construction company defaulted on a $10,000 loan from E C Credit Control in 2016 and has sought more than $1.1million in credit since operations began.
M.B.C. Constructions faces two outstanding court cases from Foreman Pty Ltd and DuluxGroup Pty Ltd, amounting to more than $15,000.
Mr Collins declined to comment.