'Very sad': Bargara real estate company in liquidation
RAY WHITE Queensland has rescinded their franchise agreement with Ray White Bargara after the local company went into liquidation.
On Tuesday, a meeting of members of Bundaberg Stock and Property Pty Ltd resolved that the company be wound up and Christopher Richard Cook be appointed as liquidator.
Chief executive officer of the Ray White Group for Ray White Queensland Tony Warland said he and the group only became aware of the situation on Friday, when it was flagged by their systems.
Mr Warland said they rescinded the franchise agreement with the company at 5pm that day.
"It could have been registered late on Tuesday, then it was the public holiday on Wednesday, and our systems got flagged through ASIC on Friday," Mr Warland said.
He said the situation was unfortunate, especially as Ray White Bargara owner Bill Young had been with the Ray White Group for 20 years.
"Separating from the agreement was something we had to do by law," Mr Warland said.
The arrangement with that company was in a franchise agreement with the Ray White Group ... So when (it went) into liquidation, that agreement automatically made the franchise agreement null and void.
"It's a very sad occasion ... But we were in no other position upon receiving that information."
It is understood Ray White Bargara was forced to wind down as part of a court ordered settlement.
"Everybody has been paid up, we're not broke, we've just got to wind the company up as part of settlement procedures," owner Bill Young said early on Friday before Ray White head office advised the NewsMail it had rescinded the franchise agreement.
It just had to be done, but we're not closing down ... We've still got the business ... Then we'll swap over to a trading company."
Mr Young has been unavailable for further comment.
But Mr Warland shed some more light on the situation.
"People can still work and be employed by that business, they just aren't able to use the Ray White brand," he said.
"But I am not aware of the details of the liquidation. All I know is that because of the company's (new status), the agreement that was in place with Ray White was rescinded and therefore we issued a notice of separation immediately, (which is) pretty standard.
"It wasn't that happy of a day for me."