Administrator sells recycled assets

THE administrator of the Recycling Company of WA has completed the sale of its assets, leaving a substantial shortfall for unsecured creditors who were owed $2.3 million. PPB partner Jeff Herbert sold the company’s recycling assets at Canning Vale to the Southern Metropolitan Regional Council, while its contract to process waste for the City of Wanneroo has been sold to Austral Waste Recycling. The SMRC sale included settlement of a $500,000 claim by the Recycling Company against the regional council over alleged contamination of the waste the company was meant to recycle. The regional council has also reached a settlement with Recycling Company directors Stephen and Carey Drake-Brockman and the National Australia Bank, which will also suffer a shortfall on its debts. Meanwhile, the SMRC has committed to spend a further $7.5 million developing a new facility at Canning Vale to process recyclable waste. This is on top of the $40 million it has already spent establishing its waste processing centre, which includes a giant composter for the processing of green waste. Since July 2004 it has produced 50,000 tonnes of compost, which is being used by farmers in a market trial.

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