Founder of collapsed AI start-up Metigy in $18m property buying spree | nickbonyhady & anthonysegaert
on the Mosman mansion following the AI firm’s collapse. Fairfull is not the same person as the chair of accounting firm Hall Chadwick, who shares the name.
Administrators began to comb its books. Their preliminary findings, which were presented to creditors on Friday, paint a sharply different picture to Metigy’s public image. Administrators Cathro & Partners wrote that the firm failed because of “Under capitalisation, poor strategic management of the business, inadequate cash flow or high cash use, trading losses [and] unreasonable director related transactions.
Administrator and managing principal of his eponymous firm, Simon Cathro said that Metigy had provided information to investors when it previously raised funds. But, he said via email, “some of the information appears to have not reflected the true state of the financial position at the time.” Cathro said there might be enough money to cover staff payments. “It will be subject to funds that could become available from the sale of properties,” he said. “Given the type of properties, the sale of the properties should not be complex and should be quick so we are not expecting a lengthy and expensive process by the financiers or their advisers.”
“The director does not dispute the existence of the loan and made representations surrounding its repayment to the administrators and our legal representatives post our appointment,” the report reads. “He has advised that the purpose of the loan was to complete a personal property settlement.” The report by administrators Cathro & Partners, who were appointed after Fairfull put the company into administration at investors’ behest, lays out several ways the money in the properties could be accessed.
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