What is happening with the rent and the rental listings?

WHAT happens to money paid into a rental account when the letting agency has gone bankrupt?

Thankfully for owners stung by Century 21 Harbour City's bankruptcy last year, there is hope.

The rent has piled up in accounts now administered by Dorleng Key who works for Australian Financial Securities Authority.

Ms Key could not speak on specifics, due to privacy laws, but it is her job to go through a business' assets and distribute the money back to landlords who are due rent. The Office of Fair Trading is working with Ms Key to work out when and who the trust account money goes to.

For landlords to prove they own the property they must show Office of Fair Trading rates notices and then wait for the receivership process to go through.

>> Landlords left in the lurch over property management

Ms Key has been able to sell some of the rental listings that were on the books of Century 21 Harbour City -- agents buy them and the money goes back into the pool to pay off creditors.

The Observer understands many of those have been taken by LJ Hooker Gladstone and some by CQ Executive Properties.

Neither of the agencies would say how many properties they had taken on or knew how many were listed at Century 21 to begin with. LJ Hooker director Mark Spearing said it was a tough situation when a real estate agency or anyone in Gladstone went into bankruptcy. He advised the owners of properties who had not been contacted by a real estate agency in Gladstone to call Australian Financial Securities Authority and someone there should be able to tell them who had taken the listing.

Australian Financial Securities Authority can be contacted on 1300 364 785 and Office of Fair Trading on 07 3405 0985.