Kingdom Developments director loses house, office and can't pay the bills

But he's still hopeful there is a future for the company - even if it has to change its name.

In recent months Kingdom has stumbled from one problem to the next; lenders taking over properties, receivers appointed to others and shareholders losing millions of dollars.

In a letter sent to Longyard Golf Club members on Wednesday, February 8, owner of the golf course John O'Rourke confirmed the Sydney-based developer Kingdom Developments have defaulted on their contract to purchase the property.

In a video briefing to shareholders last week, director Andrew Bodnar said he too had lost out from the crumbling company as well.

"I've already lost my personal property last weekend - that was sold at repossession by the lender," Mr Bodnar said.

"I took a $600,000 loss on my personal property and I'm the director and guarantor of all these projects."

The background in the video made it look like Mr Bodnar was working from a spare room used for storage - and that's effectively what it was.

Kingdom has had to close down their Liverpool offices, forcing Mr Bodnar to rely on a shareholder giving him a spare room in their own offices.

Read more: Head Golf Professional Steve Myers takes general manager role at Longyard Golf Course

The company accountant has also stopped working because they weren't being paid.

"We're doing everything we can to cut back on costs because I can't afford to pay for all these things at the moment," he said.

"Now our accountant has put their pens down because we can't pay them at the moment.

"At the moment we're just going to have to juggle things until we can get this refinance through and then be able to start paying the architects and the accountants and all the consultants to finish off their jobs because we can't expect all of them to work for free for all these months."

Mr Bodnar said they couldn't be paid because receivers had frozen the company's bank accounts.

Still, he was holding out hope that a lender would come in to save Kingdom - though a source in the property finance world told ACM that he felt not even the most predatory lender would take a chance on them.

Because of the massive failures of the company, Mr Bodnar said he may have to be "wiped out" of whatever future form Kingdom may take.

"Going forward our strategy is to try and separate the losses and take the losses under myself as representative leader of the company and find a new structure to go forward," he said.

"So there's no-one [who] has to suffer in the losses and I can take that myself as a leader and allow the team to move forward.

"It might need we need to rebrand. It might need we need to have a new structure that allows everybody to find a way to move forward and get back as much as our capital as possible."

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