Collapsed caravan company referred to ASIC amid $9 million debt

Administrators for a collapsed Queensland caravan manufacturer that owes $9 million have written to ASIC about the company's conduct before it shut down last week.

Australian Off Road (AOR) went into administration on September 15 after the 26-year-old company suddenly shut its doors the week before.

Today, administrators DVT McLeods revealed the extent of the Sunshine Coast company's financial woes during the first creditors meeting.

Nearly 50 customers face losing $2.25 million in progress payments for unfinished and unbuilt caravans.

About 70 employees are short $2.16 million in unpaid wages, superannuation and leave entitlements.

The Australian Tax Office is owed at least $2.72 million, and suppliers are $1.6 million in the red.

But the company has assets worth approximately $755,000, the administrator told creditors.

There are 47 customers who have paid deposits up to $120,000, but only 13 caravan chassis have been physically located.

Customers outraged

Sandra Muller flew to Brisbane from regional NSW for the creditors meeting.

She has paid $101,000 towards her dream van and said she feels deceived.

"Disbelief, anger … You just feel like you've been had, basically," she said.

"Next year it was our plan to go to Western Australia for three months or so."

Ms Muller said she "panicked" after realising the company was in trouble when the company's website shut down.

"There was no sleep that night … it was not good," she said.

"It's just horrendous."

Ms Muller said her caravan was originally due for completion in July, before delivery was delayed multiple times.

"There seems to be a lot of inconsistencies about the production process or the time frame," she said.

"It seems like there's a ploy there to get as much money in quickly."

Another customer, who asked not to be named, said they were asked to bring forward their payment of $61,000 by one week.

The money was due in mid-August, but the company re-issued the invoice and requested payment in early August.

The ABC has seen one instance of a customer emailing the company in April asking whether their deposit was safe.

The sales manager replied, saying AOR's order book was full for the next six months.

"Whilst there is uncertainty in all markets with the war in Iran, this isn't stopping our operations," he replied.

"I have no reason to think there would be any chance of AOR closing."

The ABC previously revealed that AOR was spruiking a bonus deal to entice new customers in the weeks before it stopped trading.

Director under microscope

A sale campaign is under way to find a possible buyer for the business, in the hope of returning money to creditors.

"If the business and assets cannot be sold as a whole, our current intention is to proceed with a separate auction of plant, equipment and stock," administrator Nick Keramos told creditors during the three-hour meeting on Thursday.

AOR's directors were founder Steven Budden and Barry Russell Evans.

Mr Keramos criticised the way Mr Evans has engaged with administrators.

"It has been average," Mr Keramos said.

"The questions we've raised … a lot of the time those responses aren't satisfactory.

"We've had to continue to follow up responses to those particular issues.

"[Mr Evans] has responded, but it's not to the extent we require … so we can continue with our investigations.

"We're trying to reconcile the customers' orders … because there's just not sufficient information in the books and records to identify who the 13 [caravan] chassis belong to."

Mr Evans was contacted for comment.

Decisions referred to ASIC

Records show AOR's trading names were transferred to a related company, AOR Holding Co Pty Ltd, several days before the business collapsed.

The administrator said this move was under investigation.

"We've already written to ASIC with regard to freezing any transfer of those business names over to the new entity," Mr Keramos told creditors.

ASIC, the corporate watchdog, declined to comment.

Mr Keramos said he would investigate whether completed caravans were delivered to people related to the company in the weeks leading up to the collapse.

"The reason we're investigating this matter is it's come to our attention that there may be some caravans that may have been issued to certain related parties," he said.

AOR's directors are also facing questions about assets located at a different factory in Kunda Park operated by another of Mr Evans's companies.

"Our auctioneer has inspected this site and advised it appeared preparations may have been underway for an alternate business operation involving a similar line of business," Mr Keramos told creditors.

"We've received these claims, and we're continuing to investigate these matters, including the assets located at the site."

Property records show Mr Budden is a landlord of AOR, with his personal company owning a 15 per cent stake in the factory that AOR leases.

Mr Keramos said he has discovered two shipping containers at the Port of Brisbane, which may have come from an AOR factory in China.

"We're currently investigating the contents of those containers … including their ownership condition, status, and potential realisable value," he said.

AOR's troubles follow the collapse of another Sunshine Coast caravan manufacturer, Zone RV, which was liquidated earlier this year.