Landmark deed administrators injuncted

For Ozem Kassem and Jason Tang, resistance to their recommendation that creditors of Landmark East Pty Ltd accept a deed of company arrangement (DoCA) didn’t evaporate when Tang cast his deciding vote at the second meeting to ensure the DoCA resolution passed.

“As detailed in the Previous Report, concerns have been raised by the Zhong Xin Solicitors and Zhong Xin Directors with respect to the legitimacy of Mr Remon Fayad’s appointment as director and secretary of the Company, stating that no director or shareholder meetings were convened in relation to Mr Remon Fayad’s appointment.” Jason Tang and Ozem Kassem.

Two weeks later on February 18 solicitor George Azzi of Aquinas More Lawyers filed an application in the NSW Supreme Court seeking to have Landmark East wound up.

Landmark East is one of the myriad casualties of the Dyldam Group implosion. Reports to creditors indicate that Azzi has previously acted for Dyldam co-founder Sam Fayad and his sons Remon and Fayad Fayad.

Sam Fayad was previously a director of Landmark and question marks have been raised by Kassem and Tang in reports to creditors about the validity of Remon Fayad’s appointment as a director on September 1, 2023.

iNO has yet to see evidence of a grant of leave by the courts allowing Azzi’s client to proceed against a company in administration but in the NSW Supreme Court on Monday the court heard that injunctions had been granted on the same day as the filing of the winding up application preventing Kassem and Tang from dealing with $28 million in property sale proceeds relating to the sale of property.

We note that the administrators, who received a $450,000 indemnity from their appointors, have advised the court that they don’t oppose the proceedings commenced by those resistant creditors.

On Monday Justice Scott Nixon ordered that the proceedings return to court on April 14.