Melbourne building company Area Projects collapses with $2.3 million debt

A Melbourne building company, Area Projects Pty Ltd, has collapsed, owing $2.3 million. Customers are left with significant financial losses, as the company had transferred $2.5 million out of its accounts before going bankrupt. The appointed liquidator found the company's only bank account was overdrawn by $20. Investigations revealed a pattern of fund transfers between the company and its director, Brett Mcgauchie, prior to the collapse. The Australian Taxation Office is the largest creditor, owed $715,609. Customers reported poor service and incomplete projects, with many expressing dissatisfaction with the company's work.