Receivers appointed over 13 McCullagh companies, $1.21m of property
Lender Bizcap's receivers plan to sell a Longford block, a Swansea block and a Perth unit within four months, The Examiner reports.
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Receivers have been put into 13 companies directed solely by Andrew McCullagh by lender Bizcap, The Examiner reported on 8 November. Three properties, in Longford, Swansea and Perth, are expected to be sold.
Why it matters
The Examiner says a loan default led Bizcap to install Lindsay Bainbridge and Timothy Bradd of Pitcher Partners as receivers over the 13 companies. It describes Mr McCullagh as a former councillor and property developer.
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These are lender-appointed receivers, not liquidators. The Examiner says the same two Pitcher Partners practitioners were appointed in August 2026 as voluntary administrators and then liquidators of two further Red Panda Property Group entities: Swansea Boutique Liquor Pty Ltd, and Alimento Spain in Swansea Pty Ltd. Both have since been wound up, it says.
Two loan and security agreements with Bizcap were signed by the group in December 2025, The Examiner understands. East Coast Supermarkets (Bicheno) Pty Ltd and Red Panda Property Group Pty Ltd are named as the main borrowers, and about 24 more entities in Mr McCullagh’s group stand as corporate guarantors.
The numbers
The Examiner puts the combined worth of land and units held by three companies in receivership at $1.21 million. Marlborough Street Holdings Pty Ltd is one, alongside Seaspray Developments Swansea Pty Ltd and Cambkang Investments Pty Ltd. Drawing on ASIC filings, the breakdown is:
- Longford: Marlborough Street Holdings holds an Anstey Street block valued at $200,000, with private lender Manda Capital holding security over it.
- Swansea: Seaspray Developments Swansea holds a Franklin Street block valued at $600,000.
- Perth: Cambkang Investments holds a renovated two-bedroom unit in Drummond Street, valued at $410,000.
According to the report, all three are expected to reach the market within four months.
What’s next
Asked about the sales, Mr McCullagh told The Examiner he had pointed the receivers toward ARITA (the Australian Restructuring Insolvency and Turnaround Association) and ASIC (the Australian Securities and Investments Commission). His position, as reported, is that only $111k is left on the loan and it could be signed off imminently.
The report offers no receiver timetable beyond the four-month expectation for those three properties, and is silent on the fate of the other companies among the 13.
Another Tasmanian insolvency moved on 7 November, when the state widened the receivership over Liberty Bell Bay, as covered in our earlier report.
Quick answers
What is the latest on Red Panda Property Group?
Lender Bizcap's receivers plan to sell a Longford block, a Swansea block and a Perth unit within four months, The Examiner reports.
What are the key numbers in this story?
companies: 13; property value: $1.21m; sale window: 4 months.
Where does this information come from?
This story cites The Examiner. Every source is linked on the page.
Sources
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