My journey since Covid hit Melbourne
The Crucible: $1.5 Billion, a Corporate Coup, and the Choice of Integrity-My story of C2 Capital/REMI Capital
The Founding: 2016 – 2019
The journey began in early 2016 when I founded C2 Capital. The vision was to build a sophisticated private equity business working across property and early-stage ventures. We grew rapidly, and by 2018, we launched Umbrella Health—a venture born from a conviction that the Australian medical industry was ripe for a "Next-Gen" operational model. By late 2019, we were at our peak, with a property development pipeline over 7 projects with a potential Gross Realisable Value (GRV) of $1.5 Billion upon the successful devlopment of these projects.
The 270-Day Lockdown & The Policy Impact
Then, the world stopped. Between March 2020 and the end of 2021, Melbourne endured a staggering 270 days of lockdown. For a business working across property and ventures, this was catastrophic. The machinery of real estate was frozen; we had several strategic sites ready for sale to reduce debt, but it was legally impossible to inspect or sell assets.
The trauma wasn't just financial. This prolonged isolation had a profound impact on the mental wellbeing of everyone in the business, including the leadership. Under the extreme pressure of frozen assets and social isolation, the alignment of our partnership began to fracture.
Since then, Melbourne has experienced a wave of significant insolvencies and bankruptcies across the property and venture sectors—a direct result of the long-term economic scarring triggered by the Victorian State Government’s handling of COVID. Since 2022 and a 48% spike in Victorian insolvencies together with a $187B state debt blowout and a southern migration to other states of people like myself who have lost confidence in the state government.
Survival and the $10M Pivot (Late 2020 – Early 2021)
Despite the environment, we fought to keep the vision alive. It is a testament to the strength of the original model that the business survived as long as it did under such conditions. By late 2020 and into early 2021, we secured a $10 Million Term Sheet from a major private equity firm to scale Umbrella Health to 20 centres and prepare for ultimately an IPO. We had survived what we thoughts was the peak of the crisis and were months away from a life-changing capital injection.
The $14 Million Trigger and the Ultimatum
By early 2021, we were also settling a 2-title major town centre development site for $30 Million, then our Lawyer approached my saying he had a confirmed buyer at $44 Million for the site, I didn’t want to sell as its rare to get hold of these types of opportunities, I wanted to develop it as it was a significant asset in our portfolio. This $14 million "instant flip" opportunity—combined with the new $10M term sheet—made the business an incredibly attractive target. Amidst this momentum, my partner at the time moved behind my back to seize control.
I received a call from the same lawyer with an ultimatum: either I step away, or my partner would pull the "capital team" and start a rival firm. I knew that if the capital team left, the entire structure would fall apart immediately. The transition was orchestrated by the firm's lawyer; it was later alleged he stood to receive a significant fee upon the successful sale of that $44M site—a clear conflict of interest.
I chose to step away. I chose to protect the 90 staff, including the 20 doctors, and the investors over my own equity and position in the business.
The Destruction of Value: From REMI to Liquidation
Upon my exit, the firm was rebranded as REMI Capital. But a takeover is not an execution strategy. My former partner sacked the leadership of Umbrella Health who had built the company to where it was, causing the $10M private equity partners to withdraw their funding immediately. My former partner installed new management with no experience in this sector.
In February 2022, the medical centres were placed into administration both through poor management and allegedly a tactical move by new management (that was appointed by my former partner) to buy the assets back at a discounted price. This wrecked the wider business. By mid-May 2022, REMI Capital was forced into liquidation. The $30M site was never settled; just one title from that acquisition sold recently for $40M, valuing the original deal at $80 Million today.
Setting the Record Straight: Addressing the Media Narrative
To lead the future, one must be transparent about the past. Here is the reality behind the headlines:
The "Ponzi" Allegation vs. Modern Growth: We utilized Convertible Notes—the standard instrument used by firms like Uber or Airbnb to fund rapid expansion. This is what was helping build and acquire assets for the $1.5B pipeline. My former partner and capital team run by him were under instructions to only make available these opportunities to wholesale investors. We had an experienced compliance team overseeing all of this.
The "Insolvent from the Start" Narrative: "Technical insolvency" is common for rapid-scale companies reinvesting every dollar into growth. These strategies only became a "risk" because the state government’s handling of COVID froze the economy. When you look at Amazon it was technically insolvent for the first 8 years as it was a strategic choice for growth, yet look at it today.
The Risk Fees vs. $12M Personal Debt: Much was made of $400k in "risk fees" used to secure mortgages. In reality not all of this was paid and I was left with $12 Million in personal debt while my former partner avoided personal guarantees. It was a devastatingly bad deal for me.
The Caribbean Trip: This $60K was a repayment of personal loans and fees legally owed to me by the company for years of personal capital injections.
Governance and Compliance: We employed a full-time Company Accountant and a Compliance Manager. Every major move was a collective decision vetted by our Leadership framework, I did not make major decisions in isolation.
Regulatory Standing: In the 4 years since the liquidation, ASIC has not contacted me. I am currently an active Director of an Australian company.
Personal Insolvency & Discharge: Because I chose to protect the business's integrity over my own financial safety, I was left with the REMI-related debts I could not meet. I entered a voluntary bankruptcy, which has since been fully discharged. I have met all my legal obligations, settled all the legal actions that came as a result of all of the above and have emerged now with a clean slate.
A Question for the Reader
Now you’ve seen the record. You’ve heard that C2 Capital had a $1.5B pipeline, the 270 days of lockdown and an untrustworthy partner that all destroyed this pipeline, and the fact that I stood behind my word with personal guarantees until I had nothing left.
Two principles have guided me through this crucible:
"Success is not final, failure is not fatal: it is the courage to continue that counts." — Winston Churchill
"Real Wealth is Capability. Capital can be lost. But energy, knowledge, and coordination are the permanent assets of Success Architecture." — Buckminster Fuller
I didn't just lose a business in Melbourne; I graduated from the most expensive and rigorous leadership program on earth. The capital was stripped away, but the Success Architecture remains.
Today, I am deploying that energy and knowledge at V1 to build the next $1 Billion+ pipeline of global high-value digital businesses.
Before you decide what to believe, or if you want to collaborate with me, ask yourself the question:
"If you had built a $1.5B vision, and the world stopped for 270 days—would you have had the courage to put your entire life on the line? And after losing the capital, would you have the 'Real Wealth' to stand back up and do it all again?"
If the answer is yes, then let’s explore building the future together.
My 6 Lessons of the Crucible
Macroeconomic Context: Headlines ignore the 270 days of lockdowns and the systemic impact of state government policy and that I hadn’t been running the company for 16 months before its filed for liquidation.
Governance is Infrastructure: Agreements must be resilient enough to survive extreme stress.
Human Capital is the Engine: Sacking leadership destroys investor and staff confidence.
Agility is Key: Never build a plan that assumes a "normal" world.
Risk is Personal: True skin in the game is carrying the debt when the vision is dismantled.
Trust Your Eye: The soaring value of those original assets proves the vision was correct.
I founded C2 in 2016 and Umbrella Health from just an idea into a reality. I'm doing it again at V1, this time, the architecture is built to last.
The Systematic Reality: Victoria’s Economic Crucible
While my journey with C2 and REMI was personal, the data shows it was part of a historic, structural collapse in the Victorian business environment. To understand my story, you must understand the environment of 2021–2025:
A Historic Surge in Business Failures: In the 2024-25 financial year, 4,242 Victorian companies collapsed—a staggering 48% increase year-on-year. This was the largest percentage increase of any mainland Australian state and nearly double the rate of New South Wales (23%).
The World’s Longest Lockdown: Melbourne holds the unenviable record of 270 days of cumulative hard lockdown. Research from the Australian Chamber of Commerce (ACCI) shows that by 2024, 34% of small business operators had been diagnosed with a formal mental health condition—anxiety and depression being the primary drivers.
A "State of Depression": Psychological distress in Victoria surged from 15% pre-pandemic to 23.5% during the lockdowns and has remained at those elevated levels ever since. This era didn't just break businesses; it fractured the mental wellbeing of the leaders running them.
The Debt & Tax Burden: Victoria’s net debt is forecast to hit $187.3 billion by 2027-28, growing at a rate of roughly $2 million per hour. To service this, Victoria has become the highest-taxed state in Australia, with new payroll surcharges and land tax levies that have made growth for private firms almost impossible.
The Construction Epicenter: One of the sectors we operated in was the hardest hit. In the 12 months leading into 2025, over 3,200 construction-related firms collapsed across Australia, with Victoria as the focal point due to fixed-price contracts and 270 days of "pilot light" restrictions.
This is why leaving the lockdown culture of Victoria for the Gold Coast was more than just a change of scenery; it was a strategic move into a 'Blue Zone' for growth. I’ve written about why the Gold Coast is the ideal environment for the next tech frontier and how it reshaped my perspective.
The story doesn't end with the move; it begins with the next build. You can see how these principles are coming to life at V1 Venture Studio, where we are currently developing our next billion-dollar digital pipeline.
Being in the Blue Zone has allowed me to focus on the intersection of what really matters in this new era of building: the synergy between human intuition and advanced technology. It’s a philosophy that ensures we aren't just building for efficiency, but for long-term human value
