A MAJOR unsecured creditor of failed plumbing contractor Odin Central Services Pty Ltd, which traded as Gregory’s Plumbing & Pipeline Services, is considering a move to end a Deed of Company Administration established a year ago.
Plumbing supply company Galvins Plumbing Plus claims considerable support among creditors owed more than $5 million from the collapse of Odin in October 2003.
Owed more that $600,000 at the time of the collapse, Galvins is assessing a variety of options.
One course of action was to end the DOCA, put Odin into liquidation and pursue the directors and former directors of Odin, who appear to have considerable personal assets, according to company secretary Paul Harris.
“Liquidators have a lot more powers and they are looking at things in a different way,” he said.
Mr Harris said creditors were angered at the downward revision of the expected payout from 49 cents in the dollar to about 34 cents a few months after the DOCA was agreed.
They are also concerned that a new company, Gregory-Gibson Plumbing Pty Ltd, appears to have taken over from where its failed predecessor left off in terms of servicing major construction groups during the current building boom.
The new company was registered in February last year with the same Balcatta address and telephone number as the business name Gregory’s Plumbing & Pipeline Services, which remains listed in telephone directories.
Gregory-Gibson also shares with Odin a director and beneficial interest holder in Barry Gregory and the new company is using equipment branded with the old Gregory’s livery at major building sites, such as BGC’s redevelopment of St John of God Hospital in Subiaco.
