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Receivers appointed for Gold Coast developer


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On 18 February 2010, Deloitte partners Nicholas Harwood and John Greig were appointed as Receivers and Managers of four companies, being:

  • No Limit Pty Ltd\
  • No Limit 7 Pty Ltd
  • No Limit 12 Pty Ltd
  • Storage King Miami Pty Ltd.

The properties involved are:

  • Fairway Island, 85 lots near Hope Island golf course, Gold Coast
  • An undeveloped block of 50 lots at Grandview Estate, Ipswich
  • No Limit Group Head office, Gold Coast Highway, Burleigh Heads Qld
  • Commercial property at Miami, Gold Coast.

Mr Harwood pointed out that there are other properties which are owned by entities in the No Limit Group to which he and Mr Greig are not appointed.

Deloitte partner Mr Harwood said, “We are currently assessing the financial position and circumstances of the companies and exploring all available options to maximise the value of the properties and developments.”

“There are a number of options that range from the sale of the properties and developments in the short term to completing the developments over time. We expect to complete our assessments in the next few weeks which will allow us to determine our strategies regarding the future of the developments.”

A receiver is appointed by a creditor who holds security over some or all of a company’s assets. The receiver’s primary role is to collect and sell sufficient of the assets which are subject to the security to repay the debt owed to the secured creditor.

For more information on receivership, visit the ASIC Receivership website.
For further general information on the voluntary administration process, please refer to the ASIC Insolvency information page.

For further information (Media only, no creditor enquiries please):
Karina Randall
Corporate Affairs & Communications
Mobile: 0414 823 712
Tel: +61 (0) 2 9322 3778
karandall@deloitte.com.au

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