In late July, William O’Dwyer told his staff at the Ralan Group that the property developer and its subsidiaries would be going into administration - leaving their jobs in doubt and creditors owed up to $450 million. Then he drove off in a Maserati.

Ralan founder William O'Dwyer Credit:Nic Walker

In the months leading up to the group’s spectacular collapse that may have left investors and various creditors owed a collective $450 million, financial records obtained by the Herald show Mr O’Dwyer and his wife Joanne spent $41,002.21 on their four Amex cards in the month to May 28.

The purchases included $1341.28 in school fees, $294 at a Double Bay hairdresser and over $700 spent at Bondi Junction stores including Peter Alexander and Myer, all at Ralan Group's expense.

The Bellevue Hill couple also spent $856.81 at Vintage Cellars and $309 at Bellevue Hill Bottle Shop on the same day, and $777 at a swimwear label.