Glamorous Modco Residential owner Cynthia Lu was flogging her luxury designer goods online in months...

The proprietor of a bankrupted 'boutique' building firm was promoting her high-end merchandise on the internet prior to the downfall of her enterprise.

Cynthia Lu, a partner at Modco Residential, found herself in a predicament as her company based in Perth faced financial difficulties and had to undergo administration on July 23. She had the task of selling high-end footwear, stylish carts, trendy tables, and infant bouncers.

Several of the products, which were not successful in being sold, were marked down by hundreds of dollars by the troubled entrepreneur in her desperate attempt to get rid of them.

Ms. Lu and her newlywed spouse, Yusuf Khan, initiated the establishment called Modco in the year 2020, pledging to complete construction projects within a span of 20 weeks.

Following the declaration by the construction company that they had depleted their funds, tradespeople asserted that they were yet to receive their due payments, resulting in numerous incomplete projects scattered throughout the city. As a result, customers found themselves struggling with insurance procedures to resolve the situation.

Cynthia Lu (on the left side of the picture) has been attempting to market fancy footwear, mobile beverage counters, living room furniture, and infant jumpers since her construction enterprise, Modco Residential, declared bankruptcy on July 23.

Ms. Lu has been attempting to part ways with a worn-out pair of pricey Valentino high heels since April. These elegant shoes originally come with a price tag of $1,100, but she's offering them at a reasonable price of $880.

Whilst the pair ostentatiously displayed their affluence on various social media platforms during the pandemic, signs of financial trouble within the company began to surface when Ms. Lu's opulent possessions were noticed on Facebook's Marketplace.

As of Thursday, Ms. Lu remained with four active listings, each valued at hundreds of dollars, even after substantial markdowns had been applied.

An absolutely beautiful coffee table with a gold frame designed by a talented artist, originally priced at $900, is now available for just $685.

In addition, Ms Lu has been attempting to sell a worn-out pair of Valentino high heels with marks on them. She has been trying to part ways with these shoes since April. The original price of these heels is $1,100, but she is selling them for a reasonable $880.

"She mentioned in the details that it has only been worn once and unfortunately, it does not fit."

In impeccable state, no scratches are present except for minor signs of use on the underside of the shoe, which can be seen in the photograph.

Includes all components, including the original packaging, purchase proof, and additional accessories.

Luxurious infants are also in for a delightful surprise, as Ms. Lu mentions a "fresh and exquisite Bjorn Bouncer" that her "adorable Luna didn't take a liking to... hence never utilized."

The last item up for grabs is a stunning and unique gold pendant, customized to perfection. This exquisite piece has been on the market for an entire year, priced at a mere $200, but please note that it is for local pickup only.

However, she was able to successfully sell a bar cart adorned with a stunning decoration, featuring a gleaming gold brass and mirror finish, despite its heaviness.

The cart was purchased at a discounted rate of more than 50% off the original retail price, amounting to $300 instead of the initial $630 expenditure.

The owner's attempts to obtain money come as 29 residential customers of Modco, who are currently stuck in a state of uncertainty, assert that they have been left behind during the company's administrative proceedings.

An incredible coffee table with a beautiful gold frame design, initially priced at $900, is now available for just $685 if you act fast.

At the peak of their successful venture in the construction industry, the couple had managed to generate an impressive revenue of $80 million from 84 clients within one year of starting Modco Residential.

In the peak of their successful construction journey, the couple managed to earn a staggering amount of $80 million in reported total sales. This impressive achievement was accomplished within just a year of starting their company, Modco Residential, back in August 2020.

Up to 50 individuals and organizations have suffered financial losses totaling $4 million, with Ms. Lu, the main owner, stating that she is personally owed $2.1 million.

The proprietors had displayed extravagant sports automobiles and extravagant accessories on their social media platforms before the downfall, such as Ms. Lu's engagement ring boasting a magnificent five-carat oval diamond and a wedding band adorned with half-carat oval gems.

They had also been seen with a Royal Oak Audemars Piguet in a rose gold shade from Barbagallo Watch, a SUV from Bentley Bentayga, and a Ferrari 488 GTB in a vibrant red color.

Meanwhile, customers of Modco are left struggling with insurance claims in an effort to recover their homes that have been lost.

Several individuals who believed they were patrons of Modco Residential have recently come to realize that their agreements, construction permits, and home insurance were actually filed under the names of different contractors, as stated by Saj Abdoolakhan, the executive director of Building and Energy.

He advised the individuals who own the houses to get in touch with the constructor mentioned in the agreement for the construction of their homes, in order to discuss the plans for finishing the houses.

As these disclosures were surfacing, the organization got expelled from their Osborne Park location in May due to unpaid dues.

According to a statement issued by Modco director Damian Clancy, the pressure and burden of the business had become overwhelming.

According to Mr. Clancy's statement, the construction industry in our country has faced a difficult situation in the past year. There has been a rise in costs for materials and labor, as well as a shortage of skilled workers. This has caused many builders to go out of business. On top of that, Modco Residential has received a lot of negative attention from the media, which has made people lose trust in our company. This includes our tradespeople, vendors, staff members, shareholders, clients, and even our insurance company, QBE.

This resulted in a considerable burden on our business activities and posed a great difficulty for us in recruiting skilled professionals, retaining employees, and maintaining our business operations.

Ever since the news broke about Modco going bankrupt, numerous professional trade associations have emerged in an attempt to recover the overdue payments owed to them.

Torquejobs initiated a venture and received a payment of $28,000.

Soon after that, two additional companies, Flexi Commercial Pty Ltd and Drywall WA, emerged and Drywall asserted that it was owed a sum of $35,000.

Daily Mail Australia has reached out to Ms Lu to obtain her comment regarding the listings on the marketplace.

Ever since the news broke that Modco was going into administration, various groups of tradespeople have emerged in an attempt to recover the funds that are owed to them.