McGrathNicol

Three partners of McGrathNicol have formally taken control of sandalwood producer Quintis and its Australian subsidiaries after being appointed as receivers and managers today.

Quintis investors hoping to appoint a new ‘responsible entity’ to have oversight of their sandalwood project will need to change plans after the corporate regulator said their two preferred entities were not eligible to take the role.

A critical ruling by the corporate regulator has forced Quintis investors to adjourn a meeting that was called to appoint a new responsible entity for their 2002 sandalwood project.

The receivers of Quintis have sought to retain full control of the sandalwood producer, appointing Primary Securities as an independent consultant and arguing that plans by growers to take control of some forestry schemes would be counterproductive.

The creditors of sandalwood company Quintis, led by US group Blackrock, have proposed injecting $175 million to take control of the business, in a deal that is likely to leave shareholders with no return.

The Supreme Court has dismissed a defamation claim brought by former Quintis managing director Frank Wilson, after the trial judge said he was surprised by Mr Wilson's asserted lack of knowledge of the sandalwood producer’s contracts.

The $145 million Quintis recapitalisation deal was completed today, handing control of the sandalwood company to its creditors, led by US group Blackrock.

RCR Tomlinson, which grew rapidly to be one of Australia's largest engineering contractors with annual revenue of $2 billion, 3,400 staff and multiple contracts in WA, has been placed into administration after failing to secure new funding.

The administrators in charge of RCR Tomlinson have secured funding to support the engineering contractor’s operations, and disclosed that more than 180 parties have expressed interest in the planned sale of its business.

Belmont-based contractor NRW Holdings will purchase the mining and heat treatment businesses of RCR Tomlinson for $10 million.

The sale of RCR Tomlinson’s Western Australian operations is complete, with RCR Resources, RCR Power and RCR Water West sold to AvidSys Group for an undisclosed sum.

RCR Tomlinson Administrators McGrathNicol has announced UGL has purchased the RCR Upgrades and Maintenance business.

RCR Tomlinson’s secured creditors may only receive around $70.6 million of the $230 million they are owed, and its unsecured trade creditors are likely to receive none of the $170.6 million they are owed, as administrators McGrathNicol recommended the failed engineering firm be liquidated.

McGrathNicol has been appointed administrators to MZI Resources, just over a month after it announced it was $32.25 million in the red for the half-year to December, compared to a $11.34 million loss from the prior corresponding period.

Aloha Surfhouse has been bought by a company connected to local fashion industry personality Natasha Marshall-Donnelly, after the Joondalup-based indoor wave park entered administration in July.

Two court rulings this month have paved the way for the continued investigation of property developers Allen Caratti and Tina Bazzo, who are being pursued by the Australian Tax Office, the Federal Police, and liquidators.

The Federal Court in Perth has approved the appointment of interim receivers to the property of Chris Marco, who the corporate watchdog has accused of running a large Ponzi scheme that is deeply in the red.

Kwik Transport & Crane Hire has gone into administration after losing two big contracts but related company Kwik Haul continues to trade.

Ad Astra Corporate Advisory and McGrath Nicol were paid more than $1million over just six months to advise on the failed sale of the WA TAB.

ASX company M8 Sustainable has been placed into voluntary administration after being overwhelmed by growing debts and lack of cash flow into the business.

National cold chain operator Scott’s Refrigerated Logistics will reportedly be liquidated, with 1,500 staff to be unemployed.

Perth-based recruitment business The GO2 People has entered into administration amid liabilities to Australian Taxation Office of more than $3 million and a legal dispute with a client.

Perth recruitment business GO2 Group has received a $3 million loan to continue its operations and potentially avoid layoffs after entering into voluntary administration.

Barramundi farm operator Marine Produce Australia has received help from a Tasmania-based company to continue trading after exhausting funds, including from NAB.

Receivers have been called in to manage struggling potash developer Kalium Lakes, which grappled with myriad technical and supply-related issues before running aground.

South Africa’s Murray & Roberts has foreshadowed a big loss for the past year with most of it attributed to its former Australian subsidiaries Clough and RUC Cementation.

The Beyondie project will be placed under care and maintenance ahead of a planned restart under proposed new owners Agrimin, who will raise capital in the coming weeks to fund the buy.

Administrators for Alita Resources have moved to liquidate the company, paving the way for Mineral Resources to close in on an acquisition.

Liquidators for Alita Resources are working against the clock to push ahead with the sale of the company’s Bald Hill mine to Mineral Resources, as details of the bid remain tightly under wraps.

Mineral Resources has inched a step further in closing a deal to take control of the Bald Hill lithium mine, with a share sale agreement with Alita Resources liquidators now unconditional.

Administrators from McGrathNicol have been called in to lead a potential sale or restructure of ASX-listed Catalano's Seafood, which has operated in WA since the 1960s.

An interested party has submitted a proposal for financially troubled Catalano Seafood, as administrators from McGrathNicol tally its multi-million-dollar debts to creditors.

The Federal Court has appointed receivers to Brite Advisors as the investigation into the $1 billion client funds managed by the advisory group continues.

Troubled potash player Kalium Lakes is expected to collapse into liquidation after Reward Minerals failed to drum up the funds to buy its Beyondie potash project.

A specialist lender backed by Australia’s big banks is expected to gain control of Perth company Total Green Recycling after the failure of its parent Scipher Technologies.

Assets of failed Western Australian potash miner Kalium Lakes are being auctioned off after the project failed to find a buyer.

Mining technology company Imdex has settled a long-running dispute with Boart Longyear, securing a $10 million payout and likely control of local firm Globaltech.

Supply chain disruptions and price escalations were factors contributing to the collapse of builder Collier Homes, whose director had injected substantial personal funds into the business.

The long-running process of winding-up companies associated with former mining high-flyer Michael Fotios has progressed after a debtors’ deed for Delta Resource Management was approved.