Administrators take control
OC1 is a debtor to Walden Cloud (operator of the hotel and golf course) for services provided to it such as the Health Club. OC1 is a creditor of Odyns Holdings and Youteam Pty Ltd (owners of the Sands golf course) and Cloud Abacus Holdings Pty Ltd and Youteam Pty Ltd (owners of the Hotel). The debt is for unpaid OC fees.
The next creditors meeting was extended to the 21 October, 2020 by application to the Supreme Court who awarded the extension on 3 August, 2020. Colliers International have issued an Information Memorandum on the property and it closes on 23rd September, 2020. Some of the delay has been caused by the COVID-19 pendemic as it makes it difficult for inspections to be carried out.
The OC’s only role in this process is as a creditor and we are in touch with both the Administrator, PKF and the Receiver, Helm Advisory.
Helm Advisory were appointed and are financed by the current mortgagee Smart Wealth who brought the debt, the mortgage, from the Handbury Group. Smart Wealth typically represents high net worth individuals and corporations. Currently they are in the process of establishing a price for the hotel and golf course. There are interested parties, but the process will take time. If the OC becomes aware of any relevant information for lot owners we will publish it on the web site and on the residents facebook page.