CREDITOR meetings for West Perth-based property investment group SAS Global have resulted in two entities being wound up, and for deeds of company arrangement to be executed on two others.
At the second round of creditor meetings held on December 16, creditors resolved SAS Global Coogee and SAS Global Mandurah be wound up, with Ferrier Hodgson’s Martin Jones, Andrew Saker and Darren Weaver appointed joint and several liquidators of both companies.
In early November, the two wound-up entities owed National Australia Bank about $16.7 million.
Creditors also resolved SAS Global Mosman Park Equity and SAS Global Mosman Park to execute a deed of company arrangement, with Messrs Jones, Saker and Weaver appointed as joint and several deed administrators.
A report by Ferrier Hodgson said the deed of company arrangement would enable sufficient time to consider and implement asset realisation strategies or to examine possible financial reorganisation of the two firms.
Meetings were adjourned until next month for SAS Global Baldivis and SAS Global Seville Grove.
Also, late last month TEYS Property Funds reported two additional lots at SAS Global Forrestdale’s industrial land estate had settled.
The settlements bring the total of completed pre-sales contracts to 30 out of a possible 105.
Litigation continues over 10 pre-sales contracts, after Sherrin Investments refused to settle on the grounds that services had not yet been completed.
TEYS Property Fund reported in November SAS Global Forrestdale owed $27 million to BankWest.
