A sequence of residence theatre hi-fi shops has gone into administration after shopfront landlords demanded excellent lease, triggering a messy authorized dispute.
Theatre at Residence has eight shops in Sydney, Melbourne, Brisbane, Adelaide and the New South Wales Central Coast, however the shutters got here down earlier this month.
Buying and selling was stopped amid a row with landlords over unpaid lease, with one creditor allegedly owed $4.5million intervening to should the electronics chain positioned into administration.
A associated audio-visual expertise firm, Roqo, was additionally positioned into administration final Monday.
Theatre at Residence, which specialises in putting in residence cinemas, was positioned into administration final week below insolvency agency Nicols + Brien.
Theatre at Residence managing director Vinod Christie-David is taking authorized motion to problem this administration and the legality of products being seized as collateral for unpaid money owed.
A sequence of residence theatre hi-fi shops has gone into administration after shopfront landlords demanded excellent lease, triggering a messy authorized dispute
Theatre at Residence has eight shops in Sydney, Melbourne, Brisbane, Adelaide and the NSW Central Coast
It has been alleged that Sydney-based personal funding firm Danwa loaned $4.5million to Theatre at Residence and one other $2.5million to Roqo, which is alleged to have supplied tools to the retail retailer.
Danny Assabgy, the chief govt of secured creditor Danwa, can be the boss of Hudson Properties and building software program group Construct Buddy.
He’s now engaged in a authorized battle with Mr Christie-David in a sophisticated row over the administration transfer.
‘I am not going to get right into a public debate with him on social media – it will likely be dealt with by the attorneys,’ he informed Day by day Mail Australia.
The row has seen the doorways shut at Life Type Shops, that are additionally run by managing director Vinod Christie-David, however not included within the administration order.
Theatre at Residence managing director Vinod Christie-David (pictured proper together with his spouse Brenda Christie-David) is taking authorized motion to problem this administration and the legality of seizing items as collateral for unpaid money owed
Mr Assabgy mentioned Theatre at Residence, established in 2022, had tried to broaden too shortly and was unable to repay his firm Danwa, regardless of getting a mortgage extension.
Landlords had additionally locked Theatre at Residence out of their premises, with employees additionally owed entitlements.
A spokesman for Steven Nicols, the administrator of each Theatre at Residence and Roqo, mentioned he could be ‘endeavor an pressing evaluation of the corporate’s operations’.
Danny Assabgy, the chief govt of secured creditor Danwa, is in a authorized dispute with Theatre at Residence
‘A few of the landlords of the assorted premises had locked out the 2 firms nicely earlier than our appointment as directors,’ he informed Day by day Mail Australia.
‘We’re conscious of this impact on staff and deposit holders, and we shall be urgently attempting to protect worth within the two firms by providing the companies on the market shortly.’
Theatre at Residence runs shops at Moore Park, Tuggerah, Nunawading, Adelaide, Jindalee, Fortitude Valley and North Parramatta, and a franchised outlet at Citadel Hill.
Mr Christie-David had been managing director of Theatre at Residence since April 2022, and MD of Life Type Shops since 2001.
