Why was my Australian property forced-auctioned by the court?

The following is purely fictitious and any similarity is coincidental.

Mr Wang is from a wealthy Chinese family. He bought some properties in Australia and made some investments after he migrated to Australia. Although he had lost some money by investing a restaurant, he has always kept a positive attitude. He always tells himself that it is common to make profit and to make loss from time to time. However, one day while he was playing video games at home, a loud bang came through the front door. When he went to open the door, a sheriff was standing there and served him a court notice, notifying him that his property will be sold according to the court notice.

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