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A sequence of house theatre hi-fi shops has gone into administration after shopfront landlords demanded excellent hire, triggering a messy authorized dispute.
Theatre at House 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 hire, with one creditor allegedly owed $4.5million intervening to must it positioned into administration.
A associated audio-visual know-how firm, Roqo, was additionally positioned into administration final Monday.
Theatre at House, which specialises in putting in house cinemas, was positioned into administration final week with insolvency agency Nicols + Brien appointed directors.
Theatre at House managing director Vinod Christie-David is allegedly taking authorized motion to problem this administration and the legality of seizing items as collateral for unpaid money owed.
A sequence of house theatre hi-fi shops has gone into administration after shopfront landlords demanded excellent hire, triggering a messy authorized dispute
Theatre at House has eight shops in Sydney, Melbourne, Brisbane, Adelaide and the NSW Central Coast
Sydney-based personal funding firm Danwa allegedly lent $4.5million to Theatre at House and one other $2.5million to Roqo, which is alleged to have offered gear to the retail retailer.
Danny Assabgy, the chief government of secured creditor Danwa, can also 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 legal professionals,’ he advised Every day Mail Australia.
The row has seen the doorways shut at Life Model Shops, that are additionally run by managing director Vinod Christie-David, however not included within the administration order.
Theatre at House managing director Vinod Christie-David (pictured proper along 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 stated Theatre at House, established in 2022, had tried to broaden too rapidly and was unable to repay his firm Danwa, regardless of getting a mortgage extension.
Landlords had additionally locked Theatre at House out of their premises, with staff additionally owed entitlements.
A spokesman for Steven Nicols, the administrator of each Theatre at House and Roqo, stated he can be ‘enterprise an pressing evaluation of the corporate’s operations’.
Danny Assabgy, the chief government of secured creditor Danwa, is in a authorized dispute with Theatre at House, which he lent cash to
‘Among the landlords of the varied premises had locked out the 2 firms effectively earlier than our appointment as directors,’ he advised Every day Mail Australia.
‘We’re aware of this impact on workers and deposit holders, and we will probably be urgently making an attempt to protect worth within the two firms by providing the companies on the market shortly.’
Theatre at House 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 House since April 2022, and MD of Life Model Shops since 2001.
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