Insolvency claim has no factual basis: Council CEO
IN QT letters (12/12) it was claimed that Ipswich City Properties (ICP) was becoming technically insolvent.
This is clearly incorrect.
ICP is now and will continue to meet its obligations to creditors.
In addition ICP is fully audited annually by the Queensland Audit office which is required to assess ICP's ability to meet its obligations and as you can see by ICP's fully disclosed 2016 accounts, the Auditor General agrees with the Board's assessment that ICP meets the relevant solvency and going concern requirements.
ICP was fully approved by the Queensland Government for the sole purpose of facilitating the rejuvenation of Ipswich City Square Shopping Centre and the city's heart.
We have made good progress to date with the first stage, the ICON tower, completed, sold and operating successfully.
I can also confirm my earlier statement that the company is on track to meet its loan repayment obligations over the life of the project.
I strongly encourage Queensland Times readers to keep themselves up-to-date on the project's progress at the company's website.
CEO, Ipswich City Council