The former Virtical director was the guarantor on an agreement to buy two Darlinghurst hotels from MA Financial that did not settle.
Already a subscriber?Mark Toma, the former director of high-flying pub investor and developer Virtical, has been ordered to complete the $61 million purchase of two well-known Sydney watering holes, Kinselas and The Courthouse in Darlinghurst by the NSW Supreme Court., suing Mr Toma and four companies he owned and that he directed at the time to enforce a September 2023 sales agreement.
Justice Rees ordered Mr Toma to “pay the balance of the monies due” under the four contracts and inclusive of the “balance of the purchase price, interest, and adjustments as required under the contracts”. This is to be paid to MA Financial by 2pm on August 23.In its published judgement, the court said Mr Toma was “replaced as a director of the purchasers on 28 November 2023 by Mr Palasty, apparently as part of a broader restructure of multiple companies in which both gentlemen were involved.
MA Financial paid $67 million for the two Taylor Square pubs in 2020, holding them in an unlisted fund and with plans to consolidate and redevelop the precinct. However, the fund manager abandoned these plans and put them on the market instead.
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