Perth property tycoon Ricky Dean Hirsch is facing two lawsuits over unpaid loans totaling more than $5 million. The lawsuits were filed by Sydney-based Prime Capital Securities, who claim that Hirsch’s now-defunct company FTD Construction (Fulfil The Dream) defaulted on loan agreements for two properties at 42 West Coast Drive, Marmion. Prime Capital alleges that FTD was already in default less than a year after receiving over $4 million in advances from the firm. The company issued written demands to FTD in February 2023, claiming breach of contract and seeking repayment of over $414,000 in accrued repayments. Hirsch, who had signed a guarantee for the loans, was also notified and instructed to vacate the property if the default could not be rectified.
Despite the written demands, the debt continued to grow, and in November, FTD was served with a notice demanding repayment of $5 million, including the initial advance, interest, and other fees. Prime Capital alleges that Hirsch and FTD ignored the notices, prompting the firm to seek intervention from the WA Supreme Court. Prime Capital is now seeking a court order for Hirsch to surrender the properties in question. This legal action puts Hirsch’s premium beachfront mansions at risk of being seized due to the unpaid loans and default on the loan agreements. The situation highlights the financial and legal challenges facing Hirsch and his former company FTD Construction, as they struggle to repay the substantial debts owed to Prime Capital Securities.
The lawsuit against Ricky Dean Hirsch and FTD Construction underscores the precarious financial situation they find themselves in, with over $5 million in unpaid loans and mounting debt. The legal battle initiated by Prime Capital Securities raises questions about Hirsch’s business practices and financial management, as well as the viability of his property investments. The allegations of default on loan agreements and failure to comply with repayment demands suggest a lack of financial stability and responsible governance within FTD Construction. Hirsch’s self-professed status as a property tycoon is called into question as he faces the possibility of losing his premium beachfront mansions due to the legal actions taken by Prime Capital Securities.
The writ lodged in the WA Supreme Court details the timeline of events leading to Prime Capital’s decision to sue Hirsch and FTD Construction for the unpaid loans. The allegations of default, breach of contract, and failure to repay the advances issued by Prime Capital paint a troubling picture of Hirsch’s financial dealings and his company’s ability to manage debt. The legal proceedings initiated by Prime Capital signal the firm’s determination to recover the outstanding loans and interest owed by FTD Construction, holding Hirsch accountable for the financial obligations he guaranteed. The legal action taken by Prime Capital shines a spotlight on the risks and consequences of defaulting on significant loans in the property development industry, as exemplified by the potential loss of Hirsch’s prestigious beachfront properties.
The involvement of the WA Supreme Court in the dispute between Prime Capital Securities and Ricky Dean Hirsch adds a layer of complexity to the legal proceedings surrounding the unpaid loans and default on loan agreements. The court’s intervention in this case reflects the seriousness of the allegations made against Hirsch and FTD Construction, as well as the need for a legal resolution to the financial dispute. The potential outcome of the court proceedings, including the possibility of Hirsch losing his premium beachfront mansions, underscores the high stakes involved in the litigation and the impact it could have on Hirsch’s property portfolio and financial standing. The legal battle between Prime Capital Securities and Hirsch highlights the importance of upholding contractual obligations and meeting financial commitments in the property development industry to avoid legal repercussions and financial loss.
In conclusion, Ricky Dean Hirsch’s legal troubles over the $5 million in unpaid loans and default on loan agreements with Prime Capital Securities represent a significant setback for the self-professed Perth property tycoon. The lawsuits filed against Hirsch and his now-defunct company FTD Construction shed light on the financial challenges and potential consequences of mismanaging debt and breaching loan agreements in the property development sector. The legal battle unfolding in the WA Supreme Court underscores the need for accountability, transparency, and financial responsibility in business dealings, particularly when significant sums of money are involved. The outcome of the court proceedings will determine the fate of Hirsch’s premium beachfront mansions and his reputation as a successful property investor, serving as a cautionary tale for others in the industry about the risks of defaulting on loans and failing to meet financial obligations.
