Dividend, assets transferred in council-company closure
'LOOSE ends' of Ipswich City Council-controlled entities will be finalised as the closure of the controversial companies gathers speed.
Three of the four council entities are being wound up.
At a special meeting last week Ipswich City Council interim administrator Greg Chemello gained the rights to act as sole shareholder of council-controlled business entities.
In accordance with the constitutions of four companies, he resolved at the special council meeting to remove former acting mayor Wayne Wendt as shareholder representative.
Ipswich City Enterprises, Ipswich Motorsport Park and Ipswich City Developments will be de-registered.
Ipswich City Developments has sold and transferred the majority of its remaining property and assets to the council, including a dividend payment of $2.5 million on August 20.
Assets include the building of innovation hub, Fire Station 101.
ICD will now be placed into "members' voluntary liquidation" - which the council said was a process recommended by McGrath Nicol and approved by company directors.
The council says it does not mean the company is insolvent but will allow William Harris and Anthony Connelly from McGrath Nicol to manage the legalities of the company's closure as the appointed liquidators.
Mr Chemello said a company must be solvent to undertake this process and declarations of solvency signed by ICD directors on August 20 have been submitted to the Australian Securities and Investments Commission.
"Liquidators will now tie off loose ends to de-register ICD, including the distribution of all remaining assets back to council," he said.
"It could take a few months to lodge formal deregistration with ASIC."
Last week Mr Chemello removed former councillors Paul Tully and Andrew Antoniolli as directors of Ipswich City Properties.
Stuart Lummis and Gary Finnegan remain as non-executive directors of the company.