Hall Chadwick.
Hall Chadwick partner Marcus Watters is seeking to fend off an application for a judicial inquiry into his conduct of the sale process for the Carvers Reach development in Queensland.
Court documents reveal that plaintiffs CIP Group, CIP 1 Pyrmont Portfolio and Marc Clancy are seeking orders for an inquiry into various “acts and omissions” they allege were perpetrated by Watters in his role as receiver manager of GGPG Pty Ltd.
Although Watters did not respond to requests for comment the court record indicates he’s hoping to derail the application, with orders made this month for the filing of expert witness evidence by his defence team by January 30, 2023.
The plaintiffs want the court to inquire into Watter’s decision to decline to accept an offer to purchase Stages 6 – I I of the development, made by HB Land on or about 3 May 2022 for $38,000,000.
They further complain that Watters’ actions caused “Park Ridge Development Management to pay out $8 million on a loan owing to Makro Finance a year earlier than the loan expiry term.
In an originating process filed in June the plaintiffs also ask the court to inquire into: “the action of the Receiver in notifying purchasers under a contract for purchase of a lot in Stages 6A, 6B and 6C of the Carver’s Reach Estate that the Receiver elected not to adopt and would not honour those contracts, while causing the Corporations to proceed with the performance of the work on that land that is
necessary to enable completion of the sale of the individual lots.”
Orders made on that date by Justice Richard Derrington were subsequently varied by her honour Justice Kylie Downes and the matter was then set down for hearing over two days on December 14.
Those orders were later amended and the matter will now be heard in February.
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