Director’s luxury beachside life as creditors chase $4.1m
THE embattled director of a failed construction firm is living in a beachside paradise while subcontractors chase millions of dollars and another of his companies faces a similar fate.
Martin Graham's Vystal Construction and Development fell into liquidation last month owing $4.1 million to creditors.
The Courier-Mail can reveal an application for a winding-up order has been lodged against another of Mr Graham's company, Vystal Pty Ltd.
The move to wind-up Vystal, a property investment group, was made by Sasha Legal on behalf of Print Management Facilities Australia on December 18.
The case is set to be heard in the Supreme Court on March 19.
It was lodged just weeks before the collapse of MJM Projects, trading as Vystal Construction and Development, on January 29.
Mr Graham's failed building company owes 190 creditors $4.1m, but they are unlikely to see a cent with liquidator Steven Staatz tipping a $4.2m deficiency once his costs are covered.
Mr Graham has not responded to questions about 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 is just one block from the beach in the sought-after New South Wales town.
In May 2018 Mr Graham sold his New Farm apartment for $687,500 and, five months later, his New Farm home for $1.26 million.
In 2017 Mr Graham said he had learnt many lessons on the tumultuous journey during his 15 years as CEO of Vystal Property Group.
"Not only have these experiences shaped and developed my leadership skills, they've also given me insight into what it takes to be a successful CEO who can steer a company towards successful growth and sustained profits," he wrote.
In a video posted to the Vystal website, Mr Graham promoted the property group's ability to help deliver people their dream investment, wealth and retirement goals.
"We partner with you to turn your ideal future into reality," the video notes.