Lombe to oust Ozem if Obeid DoCA voided

David Lombe
Photo: Deloitte

DELOITTE's David Lombe is queued to liquidate the Obeid-backed Streetscape Projects if an application before the NSW Supreme Court succeeds.

Filed by major unsecured creditor City of Sydney Council, the application seeks to reverse a controversial deed of company arrangement (DoCA) executed on August 9, 2012 at a meeting of Streetscape’s creditors.

EXCLUSIVE: Mother who fled hospital aided Obeid in Streetscape stoush

Alan Sullivan QC for City of Sydney Council
Photo: SiN Images

BELINDA Burcham, the woman who sparked a frantic search after vanishing from a Sydney hospital over New Year, allegedly “procured” proxy votes ahead of a critical meeting of creditors of Moses Obeid’s Streetscape Projects.

The meeting, held on August 9, 2012, saw Streetscape avoid liquidation only after voluntary administrator Ozem Kassem used his casting vote as chair of the meeting to break a deadlock between creditors.

Some of those creditors, including known Obeid associates and former employees, voted in favour of a deed of company arrangement (DoCA) proposed by Moses Obeid. The DoCA promises a return to creditors of no more than 3c in the dollar.

Others, including major unsecured creditor City of Sydney Council, wanted Streetscape wound up and a liquidator appointed.

Kassem, as chairman of the meeting was holding creditor proxy votes directed in favour of the DoCA. To break the impasse he voted the proxies endorsing the DoCA.