Receivers and managers appointed to Elysium NoosaDOWNLOAD
Elysium Noosa Pty Limited (Receivers & Managers Appointed) - ACN 101 485 634
N. R. Nominees Pty Limited (Receivers & Managers Appointed) - ACN 107 035 772
On 23 September 2009, Deloitte partners John Greig and Chris Campbell were appointed by the secured creditor as receivers and managers of Elysium Noosa, the luxury residential community based in Noosa, Queensland.
The community consists of 189 residential lots situated on 27.04 hectares of land adjacent to the Noosa Springs Golf Course, Noosa Heads. To date, a total of 30 residences have been built with 14 sold and 16 soon to be available for purchase.
Commenting on the appointment Deloitte partner Mr Greig said, “We are currently assessing the financial position of the company and exploring all available options to maximise the value of the development
“There are a number of options that range from the sale of the development in the short term to the establishment of a joint venture with a partner interested in completing the staged development over time. We plan to make a decision regarding the future of the development within the next couple of weeks.”
A company most commonly goes into receivership when a receiver is appointed by a secured creditor who holds security over some or all of the company’s assets. The receiver’s primary role is to collect and sell sufficient charged assets to repay the debt owed to the secured creditor.
For more information on receivership, visit ASIC receivership site.