Sydney’s Daily Telegraph reported: Click here that Hakan began inventing sales in late 2017 however the slippery slope caught up with him when arrested in late 2019 after he could no longer shuffle the deck chairs and lenders and others began to investigate.
Unfortunately the maximum penalty of imprisonment is just 2 years and Hakan’s guilty plea will no doubt result in a discount, however we think it is a safe bet that Hakan’s (who is also bankrupt) will not be administering a trust account any time soon.
Sentencing of Hakan Kutup is expected sometime around June 2020.
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We’ve been researching the circumstances of a number of once successful real estate businesses which have recently gone into receivership, administration or closed.
One business, a McGrath franchisee with dozens of off the plan sales, a large rent roll and the backing of head office (seemingly), was killed by the ATO.
Another business, Castlecrag Realty Pty Ltd (receivers and managers appointed), trading as Stone Castlecrag is presently in receivership. It is understood the owner was experiencing personal difficulties.
Our research, which we’d like to share with agents in competition, indicates some or all of each of these situations might have been avoided by more thoughtful structuring and asset protection arrangements.
The McGrath business was wound up, more or less overnight, by the ATO.
The Castlecrag business is seemingly in very real financial distress.
Business Asset Protection, applying the research these cases (and others) have uncovered, is offering free business structuring health checks for estate agencies – particularly in the current slow and falling market where finance is difficult to obtain, overheads are fixed and the present election cycles may be causing distress.
To arrange a free structuring health check call now on 1300-327123 or complete the below form.