TITANS BUY TIME WITH MOVE TO VOLUNTARY ADMINISTRATION
Written on the 23 April 2012
THE Gold Coast Titans Property Trust's move into voluntary administration has delayed wind up proceedings from Reed Constructions in the Federal Court.
The case was scheduled to go before the court today, but the parties agreed to adjourn the matter after Titans managing director Michael Searle moved his company into administration. Titans legal representative Ashley Tiplady from Nyst Lawyers says it is the best move for creditors.
“Acceptance of the proposal put forward by Searle would be a much better result for creditors as it would yield a far higher return for them than in the event of the Reed Groups’ desired liquidation,” says Tiplady.