The receivers for collapsed engineering Forge Group have won a circa $50 million court victory in a dispute over the ownership of four gas turbines.
The NSW Supreme Court yesterday ruled in favour of Forge Group Power and against General Electric and APR Energy in the biggest award since new personal property security laws were introduced four years ago. The result benefits Forges secured creditors, ANZ Bank, QBE and Assetinsure.
KordaMentha Restructuring had claimed on behalf of Forges creditors ownership of the GE dual fuel gas turbines supplied for a Pilbara power station.
Forge rented the turbines for the 60 megawatt station the contractor was building in South He…
Read the full article at: https://au.news.yahoo.com/thewest/wa/a/30803202/forge-in-nsw-court-victory/