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The Beechwood Receiver
Important Links: The Receiver, Deloitte are in control of Beechwood assets and day to day operations. They are also managing the sale. Deloitte was appointed as the Receiver for Beechwood on 14 May 2008.
The secured creditor is BankWest, believed to be owed $11 million. BankWest exercised their right to appoint a Receiver, Deloitte to recover their debt. Deloitte have had control of the company since 14 May and are in the process of selling business. Beechwood's main assets include intellectual property (copyright over the plans); the contracts for 360 homes under construction and the business opportunity presented by 580 people who have paid deposits but are not covered by Home Warranty Insurance (and are unsecured creditors). Although Deloitte are acting for BankWest they have a duty to be fair to all parties during the Receivership period. On 20 June 2008 Deloitte announced they were in the final stages of sale and were negotiating with "a small number of potential buyers". Deloitte Reports and Media Releases Deloitte Media Release: Update from the Receivers (re: sale of Beechwood) 20 June 2008 Read the Receiver's Reports to ASIC: Deloitte Circular to Homebuyers 30 May 2008 Beechwood Progress Payment Invoice 21 May 2008 - these invoices to customers have been placed on hold Deloitte Circular to Homebuyers 15 May 2008 Deloitte Media Release: 'Receivers and Managers Appointed to Beechwood Homes' 14 May 2008
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