Collapsed business owes $350,000 to BMW
WHEN you are selling dream properties worth an average $2.6 million, projecting a successful image is a must.
That might explain why collapsed luxury estate agency Unique Estates owes BMW Financial Services Australia a little over $350,000.
Efforts are being made to establish the exact nature of the debt, but it presumably relates to company vehicles.
BMW is the second biggest creditor owed money by the failed Byron Bay based company, which collapsed in February owing $1.5 million plus undisclosed entitlements to former staff, and little assets to speak of.
The primary creditor, as is usually the case with failed small businesses, is the Australia Tax Office, owed some $933,000.
The company was managed by founder and sole director Nicolette van Wijngaarden.
The Northern Star has previously reported on Ms Wijngaarden's multi-millionaire lifestyle, featuring luxury cars, extravagant weddings, business class travel and maintaining luxury units in prime locations where she had offices.
It all came to naught when Unique collapsed overnight in February, announced via an email from Ms van Wijngaarden to the company's 32 staff.
Appointed liquidator PPB Advisory is currently combing through the failed company's financial records to establish to exact flow of funds down to the last cent.
The insolvency firm will refer the matter with recommendations to the Australian Securities and Investment Commission in its final report due in about 10 weeks.
A PPB spokesman said under the Corporations Act there are both criminal and civil offences which, if breached, would be referred to ASIC.
An initial circular to creditors, PPB noted that it was appointed to liquidate the company on May 21.
That followed the appointment of administrators McGrathNicol and Colliers by the Department of Fair Trading to jointly manage the company following its collapse on February 2018.
The company was a high end residential real estate business that both sold real estate and managed a holiday rental business, with operations in Sydney, Melbourne and Byron Bay.
The three main creditors, according to the report, are the Australian Tax Office, owed a little over $933,000, BMW Australia Finance, owed some $351,000, and a third company, Express Commission Australia, to which it owes $180,000.
It also owes a further $75,000 to Macquarie Leasing Pty Ltd.
Ms Wijngaarden could not be reached for comment.