Liquidators of property developer Tony Gapes's investment vehicle Victoria Street West are yet to finalise how much is owed, but say $1.4 million is potentially available for unsecured creditors.
Victoria Street West appointed liquidator John Gilbert of C&C Strategic on April 10.
In Mr Gilbert’s first liquidators report he was still establishing how much was owed to creditors.
The liquidators report says Victoria Street West, previously known as RW Corporate and Redwood Group, bought a development property prior to the global financial crisis in 2008.
The development became unviable and was eventually sold by the mortgagees, leaving unsecured creditors unpaid.
Victoria Street West had not traded since 2014, and appears to have acted as corporate trustee for the Redwood Group Trust, said Mr Gilbert’s report.
Redwood Group is a property developer wholly owned by Mr Gapes.