CREDITOR: Graeme Seers is owed money for work on Birubi Beach Resort at Anna Bay. Picture: Max Mason-HubersRelief at Birubi Beach Resort receivership
THE receiver appointed to the Birubi Beach Resort says it is ‘‘unlikely’’ local contractor Graeme Seers will see the $80,000 owed to him.
Yesterday the Newcastle Herald reported the $50million resort development in Port Stephens had been forced into receivership after months sitting idle in which the site fell into disrepair.
According to ASIC documents the resort’s Chinese financier, China Security and Surveillance Technology – through another company, Anke Smart City – appointed a receiver over the local developer after a default on the terms of its security agreement.
Paul Billingham from firm Grant Thornton is the receiver and said the ‘‘only priority’’ was to sell the asset.
To that end it has appointed Sydney-based commercial real estate company Stonebridge to handle the sale.
‘‘We’re just working through a few of the details, and they’ll be taking the asset to market in the short term,’’ he said.
However it may not be good news for contractors like Graeme Seers, who is owed about $80,000 from his work as a site manager on the development.
‘‘At the end of the day we don’t deal with unsecured creditors, the money may fall down through the waterfall of priorities, it’s hard to tell, [but] I expect it’s unlikely,’’ Mr Billingham said.
Mr Seers was left ‘‘bitter’’ after his dealings with the Birubi Beach Resort, which was headed by local director Caroline Wright.
Earlier this month a court found in his favour that the developer owed him the money, but he said he ‘‘isn’t holding his breath’’ about seeing what’s owed to him.