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Principal, Olvera Advisors
Principal, Olvera Advisors
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.
Kingscliff
Strategy Execution
The Queensland portfolio counted 35 hotels, 102 retail liquor outlets, and sites for a further 17 botteshops, significantly boosting Coles’ expansion.
Tom Hedley went on to form Hedley Leisure and Gaming later renamed Redcape Property Group (RPG), and operational entity Hedz, which worked 12 of Redcape’s assets.
Hedley Construction was a group of development entities based out of Cairns which designed and built low rise residential accommodation. It also held a controlling state in Redcape Hotel Group which owned.
Olvera principals worked with the company owner Tom Hedley on a restructure of his entire group and its facilities with ANZ Banking Group.
Hedley Construction
Kingscliff
Strategy Execution
Wija leased vacant land site in Chatswood that had a 99-year term. The Development Application on the land stipulated that it was to construct a 10 storey mixed residential/commercial complex within a specified timeframe.
Unfortunately, Wija did not commence the project within the time frame and consequently a breach notice was issued by the respective local Council which gave the secured creditor 6 months to rectify. Before the notice period expired, Olvera Advisors were Appointed as receivers. As receivers, we disputed the right to terminate the lease. In particular, we consider that the lessor was not allowed to terminate without giving the secured creditor 6 months to rectify the breach. To rectify the issues, we commenced proceedings seeking from the court for relief against Forfeiture and the leaseback and damages.
After nearly 12 months of legal proceedings, both sides are irresolute in the stance. All offers made by PAT to settle (including significant compensation) are rejected by the lessor.
Receivers receive an unsolicited offer from an interested party offering to purchase the property for a significant sum with the intention of building out the existing DA.
Olvera Advisors as receivers then entered into put and call option with the interested party and were able to resolve litigation at the mediation and sell the lease and generating a significant return to the secured creditor.
Wija Civic Plaza
Strategy Execution
Easy-to-understand documents detailing safe harbour rules, eligibility, and applications.
Direct links to or copies of the relevant legislative texts and updates.
Insights from legal experts on the nuances and recent developments in safe harbour laws.
Get answers to common questions about Safe Harbour.
Get answers to common questions about Safe Harbour.
We acknowledge the Traditional Custodians of the land on which our office stands and pay our respects to Elders past, present, and emerging.
We also extend our acknowledgment to the Stolen Generations and reaffirm our commitment to supporting them on their journey toward healing.