Hedley faces second receiver
A SECOND receiver has been appointed to the Hedley Private Group.
Suncorp has instructed Brisbane-based receivers Ernst and Young to handle its debt with five of Tom Hedley’s companies.
Receiver Justin Walsh, appointed on Wednesday afternoon, said the assets they were handling were separate from the first receiver’s – KordaMentha, appointed by the ANZ Bank – except for one unfinished project in Townsville.
Mr Walsh was unable to place a value on Suncorp’s debt.
"It is certainly not as much as the other (ANZ Bank) but I don’t have enough information. It is early days," he said.
KordaMentha spokesman Robert Hutson said yesterday reports that the debt was $350 million were incorrect but it was too early to name an exact figure.
Mr Hutson said the debts of other creditors had been frozen and they would be notified.
"We are focusing on continuing to trade and open new accounts. The doors are open and we are dealing with suppliers," he said.
Mr Hutson said projects, planned but not started, were on hold, pending assessment of their viability.
He said people who had bought yet-to-be-built apartments should be protected with their deposits placed in trusts.
Mr Hutson said the receivers wanted to finish incomplete buildings, including Trinity Cove at Trinity Beach and the Vision on the Cairns Esplanade.
He said any racehorses owned by Mr Hedley did not appear to be part of the receivership.
In a separate move Peter Morris and Todd Kelly of Foremans Business Advisors were appointed by Mr Hedley to look at the restructuring of the hotel arm, Hedz Pty Ltd, with the purpose of a deed of company arrangement to allow the business to return to trading profitability.
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