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.