Public examination date set for in-liquidation developer
A PUBLIC examination of the financial affairs of Darling Downs and Gympie property developer United Project Partners Pty Ltd has been set down for March 9.
UPP and several associated companies under the directorship of Gympie businessman Gene Farrelly went into liquidation in the middle of 2017, owing a combined $13 million to businesses, and people who had invested their superannuation in the United Group.
Liquidator Adam Ward of Worrells Solvency and Forensic Accountants said in his most recent advice to creditors the public examination of the company would allow his office to maximise "the recoveries of the outstanding loan accounts" and "provide ASIC with a sufficiently detailed and evidenced supplementary report to enable ASIC to determine if prosecution action is required".
A hearing on December 18 last year allowed for the production of records relating to the case.
Mr Farrelly is among a list of six people who have been summoned for public examination in Brisbane's Federal Court in March.