Former Bankrupt Vinod David, Threatens Legal Action As Another Of His Businesses Goes Into Administration

He’s been bankrupt before, he has consumers who he’s has taken tens of thousands in deposits from baying for his blood, now Vinod Christie David, the CEO of the failed Theatre At Home operation, which has been placed into administration is now claiming that he is set to take legal action from the man who loaned him $7M and wants his money back.

The luxury car loving 44 year executive, who was involved in the failed Strathfield Car Radio business, and the former failed Lifestyle Store that was declared insolvent in 2005 is miffed that stock from his current Lifestyle Store in North Parramatta which is not in administration was seized and placed into a secure location under the management of administrators by Danny Assagby, the CEO of private investment company Danwa.

Assabgy (Seen below) who is also the CEO of Hudson Homes and finance Company Equiti simply wants his money back.

Last week he had lawyers issue deformation concerns notice to Vinod David over “Claims he has made publicly and to suppliers” about the situation involving Assagby linked Companies and Assagby personally.

“Every step of the way we consulted lawyers and the administrators claims “ Assagby.

Vinod David claims he is also facing the wrath of AV and audio suppliers, who are facing millions in losses because several insurance Companies, refused to offer cover on Vinod David, linked businesses who were using a variety of credit cards and credit services to pay for stock.

Several of these suppliers, also gave the Lifestyle Store credit.

Both Vinod David and his wife Brenda Christie David (Seen above), who had no shareholding or involvement in either the Lifestyle Store of Theatre at Home, have told the UK owned Daily Mail ‘I’m not going to get into a public debate with him (Danny Assagby) on social media – it will be handled through the lawyers.

ChannelNews has on several occasions tried to ascertain from Vinod David whether he was trading as insolvent when Assagby made his move to secure stock.

It was only three weeks ago that Vinod David was telling ChannelNews “We are not going broke”.

“We are refinancing” he claimed.

At the time he painted Assagby (seen below) as his saviour along with another investor who Vinod Christie claimed were set to tip additional money into his struggling businesses.

Questions have also been raised as to how he was able to offer personal guarantees to landlords and suppliers, several he has burnt before in previous business dealings.

Today the Lifestyle Store is closed, has no stock with former employees still waiting to be paid.

We have also spoken to and had emails from customers of both Theatre at Home and The Lifestyle.

A senior PWC executive paid The Lifestyle Store $80,000 deposit, 12 months ago for a new home theatre fit out, he is still waiting for his home theatre components.

He contacted Vinod David several times only to be told that they were waiting for stock to arrive, when pressed for information 12 months on and after paying his deposit he was told, “The stock was at their warehouse and in their showrooms with his name on it.” He wrote.

“Among the products ordered was an anthem amplifier and a Sony projector” he wrote in an email to ChannelNews.

Cogworks a supplier to the Lifestyle Store wrote back to one Lifestyle Store customer who had placed an order and a deposit for goods claiming “The Eiger Bass Corner Trap in Fagus is outside our stocked range of Artnovion we keep here at the warehouse, the Eiger would be considered a custom order, I have also double checked our current May delivery of incoming Artnovion, there is no Eiger Corner Bass traps inbound to Australia”.

It’s now been revealed that the order was never placed.

Adrian Duhigg the Customer Service Manager at Cogworks also wrote “My condolences that you are in this predicament, I could introduce you to Mick at Sydney HiFi Mona Vale if you are considering any future sound treatment solutions”.

Vinod David claims that the Lifestyle Store was not placed into administration. What we want to know is why people who paid their deposits to the Lifestyle Store, have 12 months on not received their goods.

The supplier of the goods Melbourne based Audio Active claim that there was “no 12 month delay for Anthem or Sony stock” to the Lifestyle Store.

Vinod Christi admits that Assagby linked Companies loaned him close to $7M dollars that he has not paid back.

A visit the Federal Government Australian Financial Security Authority web site, reveals that Vinod David was declared insolvent in 2005 with an earlier version of The Lifestyle Store.

This time round the former CEO of Theatre at Home is listed on the Australian Government portal as having in place ‘Securities’ for a multitude of services and stock including other loans and borrowings, a multitude of luxury cars including BMWs, and some claim a Porsche.

Back in March 2022 we exclusively revealed that Vinod David was set to roll out the ill fated Theatre At Home concept.

He contacted ChannelNews asking for an introduction to LG Electronics claiming that the TV partner had to be Samsung Sony or LG. At the time he was also chasing a backer.

He claimed he was investing in “Every Home Show in Australia”.

“We are opening shops in all States” he claimed.

This included expensive retail locations at places such as Nunawading in Victoria, where he took over a failed Sony Store and Moore Park in Sydney.

He admitted that the cost of shipping containers of Theatre At Home stands for the shows was costing the business between $25,000 and $35,000 a show.

Today all those stores are in administration with landlords owed millions, it’s also been revealed that Vinod David gave personal guarantees for the rent on

It has been alleged that Sydney-based private investment company Danwa loaned $4.5million to Theatre at Home and another $2.5million to Roqo, which provided equipment to the retail store.

ChannelNews understands that when Danwa and their financial people were allowed by Vinod David to see the books and the financial status of the Lifestyle store business they were “horrified”.

They claimed that the business was not “insolvent” and that deposits taken for Theatre At Home jobs was being transferred to support the Lifestyle store.

The loan Company who are experienced at taking action against businesses that default then moved to seize stock at the Lifestyle Stores, claiming that it had been put up as security against Theatre At Home debts.