Investment company ordered to liquidate
AN EMPIRE of property and wealth companies owned by Brisbane CEO Martin Graham continues to crumble, with another of his businesses collapsing into liquidation.
Vystal Pty Ltd, a property investment and wealth business owned by Mr Graham was ordered into liquidation by the Supreme Court on March 19.
Mr Graham made headlines in January when The Courier-Mail revealed his company MJM Projects, trading as Vystal Construction and Development, collapsed owing creditors $4.1 million.
A court application was lodged several weeks before MJM Projects' collapse by Sasha Legal on behalf of Print Management Facilities Australia to wind up another of Mr Graham's companies, Vystal Pty Ltd.
Mr Graham was listed as the sole director of Vystal, a property investment company.
It is understood Kaily Chua and David Hambleton of insolvency specialists Rogers Reidy, who were appointed liquidators to the business, are studying its financial affairs.
The 190 creditors of MJM Projects owed $4.1 million are unlikely to receive a cent, with liquidator Steven Staatz tipping a $4.2m deficiency once his costs are covered.
Mr Graham has been uncontactable since the collapse, but he remains the director of 12 companies, all which are registered to a home in Kingscliff, online records show.
The director's address is listed as a spacious four-bedroom, three-bathroom home and is just one block from the beach in the sought-after New South Wales town.
In 2017 Mr Graham said he had learnt many lessons on the tumultuous journey during his 15 years as CEO of Vystal Property Group.
Originally published as Brisbane investment company ordered to liquidate