Customers who booked "once-in-a-lifetime" holidays to Western Australia's north have been left in limbo after a luxury cruise company went into administration.

Yet the high-end cruises to remote parts of the spectacular Kimberley coastline are still being advertised, and those with existing bookings say they have not been notified of the company's insolvency.

Receivers were appointed to Kimberley Pearl Tours (KPT) in January after sole director Daniel Brown, who took over the business in 2024, fell behind in repaying a loan he took out to help buy the business.

Bob Shawyer booked a KPT trip last year and is now $8,500 out of pocket.

Mr Shawyer said he only discovered the trip was no longer going ahead by chance after an online search.

Cruises still advertised

Tours for the latter part of the year and for 2027 are still advertised on the KPT website and social media, including options to book the entire six-cabin vessel for $13,800 a night.

The website promises "one of the most memorable and incredible holidays of your life" and the cruises include chef-prepared meals and guided excursions with fishing equipment.

Ian Grant told the ABC he booked a private tour for a family trip and paid a "hefty" deposit.

The retired farmer said it was fortunate he discovered the company had gone into receivership before he received an invoice requesting $140,000 for the remainder of the booking.

Mr Shawyer said he also received an email requesting payment for the remainder of his booking after he discovered it was in receivership.

The invoices, seen by the ABC, were sent from the Kimberley Pearl email address about two to three months after receivers were appointed in January.

Private credit shortcomings

Mr Brown borrowed $395,000 from non-bank lender Blackbird Private Equity to help finalise his ownership of the company's sole charter vessel, the Kimberley Pearl, in 2024.

Blackbird is now under investigation by class action firm Adero Law over allegations of unfair lending practices to multiple customers.

Within 19 months, Mr Brown's loan debt was more than $1 million.

The matter is now before the Federal Court, where Mr Brown claims he was drawn into a predatory arrangement involving brokers, lenders and insolvency practitioners.

He said receivers had threatened to sell the Kimberley Pearl for less than market value after seizing the vessel in February.

Federal Court Justice Michael Feutrill last month imposed an order banning receivers from selling the company's assets, including the boat, pending further mediation of the matter by the parties.

He found there were questions over Blackbird's lending terms and the motivations behind its receivership appointments, although he made no definitive findings on these matters.

Hall Chadwick managing partner Richard Albarran is regularly appointed by Blackbird as a receiver.

Without deciding the issue, Justice Feutrill found it "reasonably arguable" on available affidavit evidence that the insolvency practitioner was appointed to KPT property in bad faith and not for a proper purpose.

Mr Brown alleged Mr Albarran was a "shadow director" of Blackbird, giving him motive to place "undue pressure" on KPT to refinance the loan.

The judge said evidence for that was "quite thin", but a family trust link between Mr Albarran and Blackbird might infer he had indirect interest in the lender's financial success.

Mr Albarran denied he was a shadow director of Blackbird in a statement to the ABC and said any suggestion he had used his position to gain advantage was "completely false".

The parties will next meet for mediation on August 31.

Deposits in limbo

Customers who paid deposits say they are no closer to getting their money back.

Noel Blackmur said he was registered as an unsecured creditor but was not confident his deposit would be returned.

The Queensland holiday-maker said he was concerned by the lack of customer notification by receivers and administrators.

University of Sydney corporate law professor Jason Harris said the alleged silence was "very unusual".

Professor Harris said greater transparency in the private credit sector was needed.

"Regardless of the outcome, it [the case] will shine a light on the murky world of private credit," he said.

Hall Chadwick partner Brent Kijurina, who was also appointed to the property of KPT as a receiver, said customer notification was delayed because Mr Brown withheld the company's books and records.

"[This] required us to seek intervention from ASIC to obtain them," he said in a statement.

Mr Kijurina said receivers had not been provided with login information to update the KPT website or social media, and invoices for outstanding payments were sent by Mr Brown, not Hall Chadwick.

He said customers who made payments after the receivers' appointment had been refunded, but some funds were withheld due to an "active court injunction".

Blackbird managing director Stewart Wilkinson said the company had not acted in bad faith.

He said Mr Brown had failed to make loan repayments for over 12 months and was "relying on future cruise deposits to pay creditors for cruises it had not undertaken".

Mr Wilkinson said Blackbird had also offered to settle Mr Brown's loan for less than the amount he borrowed.

Director defends allegations

Mr Brown denied sending invoices after the receivers' appointment, or withholding the company's books and records.

He said he had lived and operated the business aboard the Kimberley Pearl, which was seized in January with his personal belongings and company assets.

"It was therefore the receivers' own refusal of access that placed the books and records beyond reach," Mr Brown said in a statement.

Mr Brown said it was his "firm intention" to get the Kimberley Pearl back in the water and refund customers, and was "deeply sorry".

"You trusted us with your holiday of a lifetime … that trust was broken by people who were never entitled to your money," he said.