The appointment was by the Pacific Alliance Group (Hong Kong) who had the top secured debt. Pacific Alliance Group appointed an agent in Australia called in the Winton Group which managed large parts of the Receivership.
The Receivership involved devising realisation strategies or the remaining uncompleted land development stages. As the receiver, we successfully engaged consultants to assist us to amend the construction certificates for the development stages and to develop and subdivide the remaining development stages. The subdivision was successfully remarketed and resulted in a very impressive realisation value of the land stock. In addition, we were able to successfully apply the GST margin scheme resulting in an increased return to the secured creditor.