Property tycoon Ricky Dean Hirsch is embroiled in a legal dispute with Prime Capital Securities Pty Ltd over loans exceeding $5 million. The loans, secured by Hirsch’s luxurious beachfront properties, were granted to his company, FTD Construction. Allegations have surfaced that FTD Construction failed to fulfill repayment obligations, resulting in Prime Capital Securities initiating legal action to recover the outstanding sum.
Despite repeated notices and demands for repayment, neither FTD Construction nor Ricky Dean Hirsch made any effort to settle the debt. Consequently, Prime Capital Securities has escalated the matter to the WA Supreme Court. This legal maneuver comes after FTD Construction faced registration issues due to non-compliance with financial, management, and supervision requirements, ultimately leading to the company’s liquidation in January.
The situation has put Hirsch’s multimillion-dollar properties at risk of being seized to recoup the outstanding loan amount. The legal battle underscores the financial challenges faced by FTD Construction and the personal ramifications for Ricky Dean Hirsch as the sole director of the now-defunct company.