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Failed Dashdot business transferred ownership to Virgin Islands before collapse
ASIC documents reveal that the majority of Dashdot shares were sold to a British Virgin Islands company prior to its liquidation, leaving Australian customers stranded with limited prospects of recovering their funds.
More than 95 per cent of Dashdot shares were allegedly transferred to a British Virgin Islands company in 2024 for just $100, two years before the buyer’s agency entered liquidation, REB can reveal.
On 28 May, Dashdot announced its liquidation via an open letter, following mounting pressure across Australia’s property investment sector.
The transfer of ownership of one of the nation’s largest buyer’s agents leaves its Australian customers with little prospect of recovering their funds.
REB understands the company was allegedly attempting to source new clients two days before entering liquidation and was receiving part or full payment of deposits for buyer’s agent services despite the looming liquidation.
Dashdot Pty Ltd, the company in liquidation, was founded by Glenn “Goose” McGrath and Gabi Billing in 2019.
REB understands that Dashdot Pty Ltd was part of a wider group of companies; however, these related entities are not in liquidation.
According to ASIC documents, certified by McGrath, the founders’ entire 96.58 per cent shareholdings were transferred to the British Virgin Islands-domiciled G Squared Holdings, for just $100 on 5 February 2024.
It is currently unclear who the beneficial owners of G Squared Holdings are.
Mounting pressure accelerated liquation
The failed business announced its liquidation via an open letter on 28 May 2026, citing mounting pressure across Australia’s property investment sector, including the budget overhaul on property taxes, rising interest rates plus the exploding costs of Meta advertising – the major source of marketing Dashdot used to secure new customers.
McGrath regularly posted property investment advice on social media platforms, which it used to generate new clients.
Ahead of the liquidation, the company officially made 40 staff members redundant, according to the open letter.
It is understood that more staff were allegedly employed under a contractor status, including offshore workers in the Philippines.
On 28 May 2026, Dashdot held a short-notice Meeting of the Members, where shareholders were told the company faced serious solvency concerns and that the directors could not state the business would be able to pay its debts in full over the next 12 months.
The shareholders then voted to enter liquidation.
Yet, days before winding up the company, it was allegedly still accepting payments and contacting prospective clients, some social media users have claimed.
A matter of trust?
REB understands that numerous clients have made prepayments for services that have not been delivered.
Under the Dashdot model, clients paid upfront fees ranging from $6,000 to over $22,000.
“I was getting calls up until two days ago to get me onboard... glad they didn’t get my money! Clearly, they knew this was coming yet kept trying to get money from unsuspecting customers,” one user said on social media.
Another client added that they paid a deposit just days earlier: “[Lost] $6,600, paid seven days before they announced their liquidation.”
In an email obtained by REB, McGrath told clients seeking a refund that they had now become creditors and should claim their due with the liquidator.
“The liquidator is now in control of the company, so I am unable to comment on any requests for refunds or anything else that may infer any commercial or liability obligation or risk,” McGrath said in the email.
Documents show that Martin Ford and Rebecca Gill from Teneo Financial Advisory Australia Pty Ltd have been appointed as Joint and Several Liquidators of the Company.
According to an email obtained by REB, the liquidators have been made aware of discrepancies in the ownership structure and have started their investigation.
“At this stage, it is unclear what funds will be realisable from the Company’s assets to meet the claims of the Company’s creditors,” the email reads.
At the time of writing, no information has been provided by liquidators regarding the company’s assets and liabilities.
As the majority of Dashdot ownership has now been transferred to the Virgin British Islands, REB understands that it will be harder for everyday Australians to get any or some money back from prepaid deposits.
According to the Australian Consumer Law, the prepayment by a customer for future services by Dashdot should not have been used by Dashdot for its general expenses or operating costs that were not associated with that customer.
It is unclear whether Dashdot has used clients’ fees to pay for advertising, staff salaries or other expenses.
Currently, neither founder has a recorded director resignation on the ASIC register, with co-founder Gabi Billing listing Phuket, Thailand, as her location on Instagram.
More to come.
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