Property developer Jim Raptis – founder of the Raptis Group – is set to relaunch his business empire after its near collapse during the GFC in 2008.

Speaking to the Gold Coast Bulletin, Raptis said he is “no quitter” and regretted not being able to pay subcontractors after the company escalated a debt of almost $1 billion.

“It was the first time in the 35 to 40 years I’ve been working that I have been unable to pay our subcontractors.

“It was unfortunate and that is one of the reasons I want to come back, to correct that,” he said.

His company faced near devastation in 1991 after owing investors $65 million, but he managed to strike a deal with creditors.

Raptis, who is credited with transforming the Gold Coast’s skyline, said he would take a different approach to his business model this time around – which will include developing commercial and retail sectors along with residential properties.

“The biggest lesson was less debt and more capital,” he said. “The new model is to start a building and finish it within 12 months.”

“You can be caught out with long-term projects unless you are capitalised to complete them.”

Raptis is understood to be finalising formalities to have the company trading on the stock exchange again.