Obeid's Streetscape DOCA off to court

The council was not happy when
Ozem Kassem endorsed the Streetscape DOCA.
Photo: Cor Cordis

OZEM Kassem’s decision to vote for a Deed of Company Arrangement (DOCA) in favour of signage firm Streetscape Projects (Australia) Pty Limited could come under scrutiny as the deed is challenged in the courts.

City of Sydney Council, which is Streetscape’s largest creditor with a debt in excess of $17 million, has applied to have the DOCA set aside. A first directions hearing is scheduled for Monday, November 12.

Streetscape was placed in voluntary administration on June 21, 2012 by sole director, Moses Edward Obeid.

At a meeting of creditors on August 9, a numerical majority of creditors voted in support of the deed. However for a DOCA to be passed, a majority of the debt must also be voted in favour.

Streetscape DOCA open to challenge

Ozem Kassem:
Cor Cordis

TIME is running out for City of Sydney Council to reverse the deed of company arrangement (DOCA) approved at a recent meeting of creditors for the Moses Obeid-controlled firm Streetscape.

Under section 444B of the Corporations Law, a DOCA must be signed by the firm's directors within 15 business days. 

Pascoe to tackle Obeid trusts if appeal bid fails

PPB Advisory's Scott Pascoe.
Image courtesy PPB Advisory.

PPB Advisory's Scott Pascoe has agreed to act as trustee in bankruptcy to the estate of Moses Edward Obeid, in the event the son of former NSW Labor minister Eddie Obeid fails in his bid to reverse a $12 million debt judgment.

Pascoe consented to act after the City of Sydney Council commenced creditors petition proceedings against Obeid in the Federal Court on June 5.


 The petition is the latest in a series of bankruptcy-related applications the council has pursued since February, 2012, when the Supreme Court finalized orders from its 2011 judgment awarding damages in the millions to the Council in its dispute over smart poles with 41 year-old Obeid and his company, Streetscape Projects (Australia).

Moses applies for FMC appeal

The $4.5 million Vaucluse home of Moses and Nicole Obeid.
Photo: SiN Images

THE woes keep multiplying for Moses Edward Obeid.

On June 25 the embattled businessman filed an interlocutory application in the Federal Court, seeking to adjourn a creditors petition filed in the same court by City of Sydney council.

Moses wants the adjournment so he can appeal a recent Federal Magistrate's Court judgement. 

Council moves to sequester Obeid estate

RATEPAYERS frustrated by moribund local government will be impressed by the speed with which City of Sydney Council has moved to bankrupt Moses Edward Obeid.

Obeid downgrade imminent as bankruptcy stay stalls

Moses Obeid. Photo Optus Zoo

THE woes of Moses just keep mounting. Already appealing a Supreme Court judgement which found he owes Sydney City Council more than $12 million, Moses Edward Obeid yesterday failed to set aside or delay the execution of a bankruptcy notice issued by the Official Receiver.

And Federal Magistrate Kenneth Raphael didn't mince words.

"I am of the view that it would not be appropriate to extend time for compliance with the bankruptcy notice until the determination of the appeal," he said.