Tuesday, 3 November 2015

Terra Cresta resurrected as Levi withdraws

Schon Condon replaces David Levi as
liquidator of Terra Cresta Business Solutions 
THE NSW Supreme Court yesterday reinstated Terra Cresta Business Solutions (TCBS) to the companies register after an anticipated challenge from former liquidator David Levi evaporated.

At the initial hearing of the reinstatement application on October 19, Gillis Delaney solicitor Nick Dale asked the court to join Levi to the proceedings, which were brought by TCBS's former director Owen James Salmon.

Dale told the court that allegations contained in Salmon's supporting affidavit were "false and malicious" and that his client intended to oppose the application. 
The court ordered that Levi file submissions by October 26.

When SiN checked late last week there were no submissions on file. The application proceeded yesterday unopposed, with the court ordering that TCBS be reinstated, that Levi be replaced and that Schon Condon replace Levi as liquidator of TCBS.

TCBS was wound up in 2008 after a stoush with insolvency practitioner Andrew Wily. Nicholas Crouch was appointed liquidator on July 31 of that year and resigned on August 5, 2008. Levi was appointed on August 30 and went on to deregister TCBS in 2012. 

The reinstatement of TCBS threatens to re-agitate issues relating to the Nauru Phosphate Royalties Trust and the failed Business Australia group, headed by controversial businessman Ian Lazar

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