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).

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.

Eaton bankrupt but not beaten

Lawyer Jim Johnson after
the Eaton examination
Photo: SiN Images

GILES Woodgate’s protracted dealings with bankrupt electrician Stuart Alexander Eaton continue to throw up intriguing developments.

At a recent examination in the Federal Magistrates Court Woodgate's legal team alleged that Eaton “has access to a stream of revenues that the bankrupt has not disclosed to the trustee”.

Not perhaps the most startling allegation a trustee has ever made but what’s not quite as common is the trustee hauling the bankrupt’s offspring into a court in a bid to verify his suspicions.

To that end Eaton’s adult son Mitchell Eaton spent much of the day explaining how he was made director of Eaton Electrical Group (EEG), a company through which much of the business’s revenues and profits pass.