High-commission paying brokerage Taylor Dow goes into liquidation

High-commission paying brokerage Taylor Dow goes into liquidation
High-commission paying brokerage Taylor Dow goes into liquidation

Melbourne-based brokerage Taylor Dow Property Group, which paid high commissions and other incentives to brokers, has been placed in liquidation.

The company recently claimed it sold $2 billion of Australian property to buyers in seven countries last year.

The MichaelWest website revealed the collapse.

The decision to wind up the company was taken at a creditors meeting on August 28 with Worrells Solvency &  Forensic Accountants have been appointed to carry out the task.

A spokesman for Worrells was not available for comment, according to The Australian Financial Review, which reported on the collapse several days after the Michael West website.

The company’s partner, Moneytree Finance and Leasing, also did not return calls.

Moneytree's list of lenders includes Westpac Group, Bank of Queensland, Australia and New Zealand Banking Group and Macquarie Bank.

It also has links with Avenue Building Group, a building company, that could not be contacted for comment, the AFR reported.

Taylor Dow earlier this year claimed to have 27 sales agents in Melbourne.

The group paid commissions of up to 15 per cent, free tickets to Adele concerts and luxury holidays to Greece to financial and advisers and mortgage brokers that recommended its products.

The brokerage’s main focus was large blocks of apartments – between 100 and 400 – placed on the market by construction groups.

Taylor Dow, a director, said earlier this year that it was able to pay the high commissions by selling in bulk and "cutting out the middle man".

His offers included rental guarantees and special packages for overseas buyers.

 

 

Tags: 
Mortgage Broker Liquidation

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