Staff reporterDecember 17, 2019
The creditors of collapsed apartment developer Ralan Group have voted to put its Arncliffe project into liquidation.
But off the plan buyers in its Ruby, gold coast towers have accepted a controversial plan that could see the company founder William O’Dwyer back in action.
Under the proposal, Mr O’Dwyer and a yet-to-be-disclosed developer, will take control of the Ralan companies involved with the Gold Coast apartment projects.
Ralan’s voluntary administrator, Grant Thornton’s Said Jahani advised against adopting the proposed revival.
At yesterday’s final creditors’ meeting for The Ralan Group, Grant Thornton announced the results of the poll to either liquidate or accept the Deed of Company Agreement (DOCA) proposed by the director, Mr William O’Dwyer.
Class action lawyer Matthew Bransgrove twas reported by The Australian as noting O’Dwyer had been allowed to put forward a DOCA that was “vague in the extreme” and required the creditors to trust him yet again.
The majority of creditors voted in favour of the DOCA for the Gold Coast companies. The Ruby Collection in Surfers Paradise was proposed as 1600 apartments across four towers, along with the the nearby 670-unit…
