A report has found a subsidiary of property developer Toplace, failed to pay $25 million it owed to the Australian Tax Office (ATO) in 2022 and claims there’s little chance of those funds being recovered.
Key points:
- This week administrators delivered their report to creditors impacted by Toplace’s collapse
- Administrator Michael Hogan was appointed to investigate subsidiary JKN Central Pty Ltd
- Mr Hogan’s report claims JKN Central Pty Ltd became insolvent two years ago
The first of three administrators jointly investigating the collapse of the Toplace property empire delivered its report to affected creditors this week.
Toplace has built several apartment towers across Sydney which have serious structural defects and the company was placed …
Read the full article at: https://www.abc.net.au/news/2023-08-12/toplace-subsidiary-jkn-central-pty-ltd-owes-25m-to-tax-office/102719806