David has acted as liquidator, receiver or voluntary administrator for over 900 companies since January 2004. He has prepared at least 29 insolvency reports since 2004, some of which have been used in Court proceedings involving preferential payment recoveries and insolvent trading.
He has acted as an applicant in a number of mediations and Court proceedings involving questions of insolvency of companies and/or individuals. He has undertaken creditors’ trusts in a Deed of Company Arrangement resulting in a re-listing of the company on two occasions and has acted in matters involving the Pooling provisions of the Corporations Act.
David is a leading insolvency specialist in the building industry, having conducted a number of large building administrations often requiring the company to trade-on to complete current building works. He has a team of construction industry experts he can call on to facilitate those works where necessary.
Specific Outline of Construction and Property Development Activity in External Administrations, as follows:
- Voluntary Administrator of CMC Cairns Pty Ltd -16 September 2009
CMC Cairns Pty Ltd was the construction arm of a Property Development Group in Cairns. I was appointed Voluntary Administrator in May 2009 and at that time, CMC was in the process of completing construction of a number of projects for development companies within the group. - City Construction Qld Pty Ltd (Receivership) – 10 October 2006
Appointed Receiver in February 2006. The company was developing a block of 7 units in Toombul. Works were 45% complete. As receiver, I co-ordinated completion of the works (approx. $900k to complete), realised the 7 units and paid out the financier. - Queensland Subdivision Pty Ltd (Liquidation) – 11 June 2002
Appointed Liquidator of developer because of shareholder dispute. Company owned partly developed property at Mango Hill. Mediated dispute and subsequently sold property to another developer for $20m +. - Project Realty Group Pty Ltd – 28 July 2008
Appointed as Provisional Liquidator and subsequently Liquidator to a Company that had developed 3 commercial properties in Carole Park and Willawong, valued at approximately $5m. Appointment was instigated by a shareholder dispute.
Properties were realised, financiers and unsecured creditors paid out and surplus distributed to shareholders. - Project Constructions Qld Pty Ltd – 23 March 2001″
Similar to CMC. Appointed Provisional Liquidator and then Liquidator. Company had a number of projects on the go at time of appointment. Approximately 4 projects partly completed with an estimated cost to complete of $10m. After obtaining QBCC approval, we co-ordinated the appointment of an alternative builder and over-saw completion of works, repayment of financiers and profit-share between builder and Liquidator (as there was a surplus upon completion in some of the contracts).
David Stimpson
