Ralan Group creditors vote to liquidate majority of companies

Ralan voluntary administrator attempting to recoup as much as possible for creditors.

William O'Dwyer, Managing Director, Ralan Group speaks at the sod turning ceremony for Ralan Group's $1 Billion project 'Ruby' at Surfers Paradise, Gold Coast. Picture: Regi Varghese

The creditors of the collapsed Ralan Group have voted to liquidate its Arncliffe development in Sydney as well as 50 other entities, but on the Gold Coast they are backing a deed of company arrangement (DOCA) proposed by the company’s founder, William O’Dwyer.

Mr O’Dwyer and a yet-to-be-named property developer will take control of seven separate Ralan companies involved with various Gold Coast apartment projects.

The end game for them is to set up a new operation in Sydney that will buy apartments at a discount from the unnamed developer.

Ralan voluntary administrator Said Jahani, who advised against adopting a DOCA, said that throughout his investigation of the collapsed group, it had become abundantly clear that Ralan has been unable to pay its creditors for some time.

“By liquidating the majority of companies in the group, we can attempt to recoup as much as possible for creditors - based on the potential actions available to a liquidator pursuant to the Corporations Act.”