Timeframe set to wind up four council-owned companies
A REPORT to Ipswich City Council this week signalled the beginning of the formal process to wind up four council-owned companies.
Ipswich City Developments, Ipswich Motorsport Park, Ipswich City Enterprises Investments and Ipswich City Enterprises will be closed with remaining assets and staff transferred to the Ipswich City Council.
McGrath-Nicol was engaged to advise the council on the best way to wind up the companies.
It found they could be wound up immediately with limited cash flow and assets.
City Management Committee chair Wayne Wendt said the firm found there were no impediments to winding up the entities.
"An action plan will guide how these four companies are wound up with assets and liabilities transferred to Ipswich City Council," he said.
"Council will adopt a simplified approach to the winding down and deregistration of the companies through resolution by the respective boards."
Ipswich City Properties will continue trading, owing to the momentum of the redevelopment of the Ipswich City Square shopping centre and CBD redevelopment underway.
"ICP also receives rental income from tenants as well as a line of credit extended by Ipswich City Council with approval from Queensland Treasury," Cr Wendt said.
Ipswich Mayor Andrew Antoniolli welcomed the report and decision to close the companies.
"Timing with respect to winding up the companies is very good," he said.
"We're progressing through a lot of my election promises.
"These actions go even further with the process to dismantle four entities beginning in the next few weeks."
Cr Antoniolli said in less than one year the council had improved its community engagement.
"In this relatively short period of time mechanisms have also been put in place to give an unprecedented level of openness and access to information online for the community," he said.