Obeid's Streetscape DoCA terminated

Streetscape Projects director
Moses Obeid. Photo: Optus Zoo

THE deed of company arrangement (DoCA) governing Moses Obeid’s Streetscape Projects is toast after a court yesterday ordered the controversial DoCA be dissolved.

In the NSW Supreme Court, Justice Ashley Black terminated the deed and, under the relevant sections of the Corporations Act, ordered that the termination give the same effect as if a special resolution to wind the company up had been passed.

As a consequence deed administrators Ozem Kassem and Robert Kyte of Cor Cordis are out and Deloitte’s senior insolvency operator David Lombe is in. 

Appointing Lombe as  liquidator is a victory for City of Sydney Council, which brought the application as Streetscape's major unsecured creditor. 

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.

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.