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On course for a result?

The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed.
The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed. Contributed

A RESOLUTION of the bitter fight between the owner and manager of the Hyatt Coolum Golf Course and Spa appears likely within a matter of days.

The Sunshine Coast Daily understands a deed of termination has been drafted and that owner Clive Palmer and the Hyatt Corporation have agreed on a settlement that will see new management take over.

The document is expected to be signed in the next few days allowing the company that has managed the resort for the past 27 years to exit gracefully.

The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed.

However, the Hyatt's representative last night said he could not provide any comment or confirm matters were close to resolution.

Questions this week about whether there was money available to pay workers went unanswered.

Mr Palmer's representative Bill Schoch on Monday told a meeting of creditors, including many of the resort's 650 staff, that the mining billionaire would guarantee creditors payment of 100 cents in the dollar and staff their jobs the minute the Hyatt exited the resort.

The Queensland Supreme Court yesterday granted voluntary administrator, KordaMentha's Ginette Muller, relief from any debts incurred by the resort from March 9 until yesterday.

The full provisions of the Corporations Act now apply, which means Ms Muller is now personally liable for any future debts.

She described the hearing as primarily administrative, but said if she remained in a position to neither direct nor consent to debts being incurred, her liability would come back to a legal argument.

Ms Muller said the Hyatt told the court yesterday the resort could not continue to trade much longer under current circumstances.

She said the court rejected attempts by the Hyatt to have it order a particular party close the resort.

Topics:  clive palmer hyatt regency coolum queensland supreme court


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