The director of a failed building company has not been contactable for months, all while the liquidator claims she pocketed $861,000 of the business’s funds prior to its collapse.
News.com.au can reveal that in May, sydney-based Workspace One Pty Ltd went into liquidation with liabilities of $845,000.
The construction firm specialised in refurbishing office spaces and had big deals in place, including what news.com.au understands was a multi-million dollar contract with ASX-listed fashion company City Chic, which was left with an “incomplete” renovation.
In a twist, the liquidator claims the sole director, Kathryn Arnold, appears to have transferred more than the entire amount the company owes to its 17 creditors into a personal bank account, according to a statutory report lodged with the corporate regulator. Ms Arnold admitted to news.com.au she transferred money to a personal account to pay and reimburse herself for business costs and did not dispute the amount.
“I have identified 193 payments for amounts totalling $861,040.79 made to a bank account … (which) I have determined the payments were most likely made to a bank account in the name of the director,” the appointed liquidator, Liam Bailey of O’Brien…
