There is not much to say here until we see the proposed Deed of Company Arrangement (DOCA).
A DOCA can have its advantages other than a few cents in the dollar.
David Stimpson from SV Partners has offered to keep subbies/creditors up to date.
As discussed, update below:
- Pyramid Capital (the third security holder) appointed a receiver to the whole Clark Group, including GCB last Friday. On Wednesday, the receiver resigned over all companies and property in the Clark Group.
- The appointment of the receiver naturally delayed progress in the Administration.
- Work on all sites has ceased and employees terminated.
- The following projects have been terminated and works taken back by the developers:
- Aria – Canopy House
- Si Bilinga Trust
- SCU Private Hospital
- Vantage View
- Vantage Burleigh
- Caboolture Private Hospital
Any subcontractors seeking to obtain belongings from these sites should contact the developers.
- The following projects have not been terminated as far as we are aware:
- Marine Quarter Southport
- Cote Palm Beach
- Wategos, Byron Bay
- 35 Garden St Southport
- Tallebudgera SLSC
Any subcontractors seeking to obtain belongings from these sites should contact Sarah Brown at Slattery Auctioneers.
- At this point, the director is planning to propose a DOCA, which is likely to centre around:
- Transition of non-terminated projects to a new builder,
- Injection of third party funds,
- Sale of company assets and collection of outstanding progress claims/retentions where possible, and
- Funding costs to pursue the two legal actions on the Polly project and the Drift project, total estimated claims are c$17m.
- We are continuing to investigate the company’s affairs, including an analysis of the reasons for the company’s failure, insolvent trading and voidable transaction investigations.
- Subject to extending the second meeting of creditors, it is scheduled for 30th August 2023.
Please feel free to email me if any questions.
Subbies add a level of protection to your business and join SubbiesUnited and make use of our private members forum for up to date information.
But a warning, if you are NOT a subcontractor, DO NOT JOIN, you will not have access until we approve you and in the approval process, we will weed you out, you are not welcome.
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