Quintis Leasing - Case Update

Richard Tucker and Scott Kershaw of KordaMentha, the administrators of Quintis Leasing, have recommended that the company be wound up after a further two-week extension was granted to review a DOCA proposal received for the company.

Among other things, the proposal provided for the novation of certain leases to a newly-registered company incorporated by a number of landowners, the negotiation of new sub-lease arrangements with the growers, and a cash contribution of $100,000, $50,000 of which was to be distributed to participating creditors (providing for an estimated return of 0.34 cents in the dollar).

Having reviewed the proposal in detail and liaising with the proponent and its lawyers, the administrators concluded that the proposal lacks funding and certainty and is unlikely to form the basis of a viable transaction.

The second meeting of creditors is scheduled for March 6.

Read the administrators’ report here.