22nd April 2009
The Gold Coast Bulletin
Receivers move in on C'corp
A DAY after it was placed into liquidation, Cumminscorp has been moved into receivership.
SV Partners was appointed to the troubled aquaculture group yesterday by the company’s secured creditor Shalmar Limited.
On Monday, creditors owed about $1.4 million resolved to terminate the deed-of-company arrangement the group was operating under.
Cumminscorp owes around $3 million, including $1.2 million to Shalmar Limited and $1 million to a new set of unsecured creditors.
SV Partners Director Terry van der Velde and Terry Rose will take control of the group’s holdings, which include a joint-venture watertank business on the outskirts of Adelaide and another with Rochedale Turf where it breeds fish in its patented C-Boxes.
The company, founded on the Gold Coast by Ian Cummins, is directed by Graham Edney, John Rivett and Warren Greiner.
