Grant Thornton leads restructuring of Sunshine Coast firm
Tike Property, a family-owned property development company in Queensland, entered administration late last year. Restructuring experts from Grant Thornton have since been working on the firm’s insolvency.
Led for over three decades by brothers-in-law Tim McGary and Kev Perry, Tike Property has during this period established itself as a serious property development company in southern Queensland.
According to the company’s website, the firm has delivered more than 60 projects in the region, creating more than 540 new dwellings in total. Tike Property has also realised dozens of residential renovation projects, spanning large complexes and units to individual houses.
The firm’s primary focus is on luxury accommodations, and the company has worked on some of the Sunshine Coast’s most prestigious homes.
However, a string of underperforming projects in recent years have brought the company into troubled waters. On 20 November 2019, Tike Property announced that it no longer could pay its bills, and as a result the company ceased trade and went into administration. In agreements with McGarry and Perry, consultants John McInerney and Cameron Crichton of Grant Thornton have been brought on board to lead the administration process.
The duo kicked off by investigating what caused the failure of Tike Property, and opened negotiations with creditors – it is understood claims across the group total circa $15 million. “With a view to maximising the return available to all affected stakeholders we are working with financiers, building contractors and other key parties to allow an orderly ‘on-market’ sale of the entire portfolio of dwellings,” said McGarry and Perry.
Last week, 143-year-old McWilliam's Wines hired KPMG to run its administration process.
