The family company of late Gold Coast theme park developer Keith Williams has collapsed into the hands of liquidators after his cyclone-battered Port Hinchinbrook resort in north Queensland failed to sell.
Creditors, including Mr Williams’ son Ben Williams, voted to wind up Williams Corporation at a meeting in Brisbane on Wednesday.
Boats lay strewn around Port Hinchinbrook in the wake of Cyclone Yasi.Credit: Glen Hunt
Liquidator FTI Consulting now has control of the company’s assets, including the Port Hinchinbrook resort community, which comprises tourist accommodation and private dwellings for more than 250 residents.
The resort, located between Cairns and Townsville, was battered in 2011 when huge swells caused by Cyclone Yasi plucked multimillion-dollar boats from the water and smashed them against the marina.
Port Hinchinbrook felt the brunt of Cyclone Yasi in 2011.Credit: Glen Hunt
The resort has struggled to rebound from the disaster, with the marina, restaurant, bar and much of its accommodation still closed.
Mr Williams died in October 2011 after handing the reins of the company to his son.
The development was put on the market, but the sale has been hampered by a deed signed by Mr Williams in the late 1990s that binds the resort’s owner to the maintenance of the the sewerage system, roads and the marina.
A consortium of buyers, led by Townsville businessman Anthony Dotta, withdrew its offer to buy Port Hinchinbrook this month.
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