Talking Footy

GOLD Coast Titans have avoided liquidation proceedings levelled against the club's property arm, with the Australian Tax Office dropping a Federal Court lawsuit in Brisbane this afternoon.

The Daily Telegraph can reveal the Australian Taxation Office commenced moves on 16 February to have Gold Coast Titans (Property) Pty Ltd wound-up.

The company was registered in 2007 to own and operate the $20 million Centre of Excellence and Titanium Bar, which has been at the centre of a series of financial disputes between Gold Coast boss Michael Searle and various builders.

After an ugly split with the original builder – Simcorp - in early 2010, Searle engaged Reed Constructions to complete the multi-storey development at Robina.

Reed was also named in court documents lodged by the ATO over the past month. The NRL was aware of the case.

An interlocutory hearing was held this afternoon at Brisbane’s Federal Court, where Titans lawyers opposed the ATO’s application for the company to be wound-up.

Lawyers for the ATO, however, told the court they had decided to drop the case.

It now remains to be seen whether Reed – who had its lawyers attend the court – will pursue the Titans.

Asked outside the court if the building company would seek to have the property arm wound-up, a Reed lawyer declined to comment.

All 1,000 shares of Gold Coast Titans (Property) Pty Ltd are owned by the NRL club, Gold Coast NRL (Licensed Operations) Pty Ltd. Searle is the managing director of both companies.

Due to the Centre of Excellence woes, the property arm was in significant debt to the Commonwealth Bank, which loaned Searle money to fund construction.

The debt has forced Searle to approach the NRL on numerous occasions for advances of the club’s annual $4 million grant.

Searle has also approached a range of potential investors – including the PNG Government – to buy into the Titans in an effort to raise equity. 

Xman wrote:

Gold Coast Titans (Property) Pty Ltd avoid liquidation proceedings

GOLD Coast Titans have avoided liquidation proceedings levelled against the club's property arm, with the Australian Tax Office dropping a Federal Court lawsuit in Brisbane this afternoon.

The Daily Telegraph can reveal the Australian Taxation Office commenced moves on 16 February to have Gold Coast Titans (Property) Pty Ltd wound-up.

The company was registered in 2007 to own and operate the $20 million Centre of Excellence and Titanium Bar, which has been at the centre of a series of financial disputes between Gold Coast boss Michael Searle and various builders.

After an ugly split with the original builder – Simcorp - in early 2010, Searle engaged Reed Constructions to complete the multi-storey development at Robina.

Reed was also named in court documents lodged by the ATO over the past month. The NRL was aware of the case.

An interlocutory hearing was held this afternoon at Brisbane’s Federal Court, where Titans lawyers opposed the ATO’s application for the company to be wound-up.

Lawyers for the ATO, however, told the court they had decided to drop the case.

It now remains to be seen whether Reed – who had its lawyers attend the court – will pursue the Titans.

Asked outside the court if the building company would seek to have the property arm wound-up, a Reed lawyer declined to comment.

All 1,000 shares of Gold Coast Titans (Property) Pty Ltd are owned by the NRL club, Gold Coast NRL (Licensed Operations) Pty Ltd. Searle is the managing director of both companies.

Due to the Centre of Excellence woes, the property arm was in significant debt to the Commonwealth Bank, which loaned Searle money to fund construction.

The debt has forced Searle to approach the NRL on numerous occasions for advances of the club’s annual $4 million grant.

Searle has also approached a range of potential investors – including the PNG Government – to buy into the Titans in an effort to raise equity. 

THE Gold Coast Titans are facing another legal battle with the builder of the Centre of Excellence moving to wind up the football club.

No lawyers for the Titans appeared in the Federal Court in Brisbane today where the Deputy Commissioner of Taxation had a matter listed to wind up a company associated with the club.

That's because the tax dispute, believed to be outstanding GST payments by Gold Coast Titans (Property) Pty Ltd, has been worked out behind the scenes with the Titans entering into a plan to pay off its dues.

Lawyers for the tax office told the court it was therefore discontinuing the winding up application.

However, a solicitor for Reed Constructions then got up to say the builder wanted to take up the case.

Reed Constructions, a national firm that hit the headlines this month due to troubled finances in its NSW division, was the company that took over the building of the Titans Centre of Excellence.

Reed Constructions would not make any comment on its legal case, which will now be heard on March 23.

Comment is being sought from the Titans.

More on this story in tomorrow's Gold Coast Bulletin.

 

Xman wrote:

THE Gold Coast Titans are facing another legal battle with the builder of the Centre of Excellence moving to wind up the football club.

No lawyers for the Titans appeared in the Federal Court in Brisbane today where the Deputy Commissioner of Taxation had a matter listed to wind up a company associated with the club.

That's because the tax dispute, believed to be outstanding GST payments by Gold Coast Titans (Property) Pty Ltd, has been worked out behind the scenes with the Titans entering into a plan to pay off its dues.

Lawyers for the tax office told the court it was therefore discontinuing the winding up application.

However, a solicitor for Reed Constructions then got up to say the builder wanted to take up the case.

Reed Constructions, a national firm that hit the headlines this month due to troubled finances in its NSW division, was the company that took over the building of the Titans Centre of Excellence.

Reed Constructions would not make any comment on its legal case, which will now be heard on March 23.

Comment is being sought from the Titans.

More on this story in tomorrow's Gold Coast Bulletin.

 

http://www.goldcoast.com.au/article/201 ... -news.html

Raiderdave wrote:

Xman wrote:

THE Gold Coast Titans are facing another legal battle with the builder of the Centre of Excellence moving to wind up the football club.

No lawyers for the Titans appeared in the Federal Court in Brisbane today where the Deputy Commissioner of Taxation had a matter listed to wind up a company associated with the club.

That's because the tax dispute, believed to be outstanding GST payments by Gold Coast Titans (Property) Pty Ltd, has been worked out behind the scenes with the Titans entering into a plan to pay off its dues.

Lawyers for the tax office told the court it was therefore discontinuing the winding up application.

However, a solicitor for Reed Constructions then got up to say the builder wanted to take up the case.

Reed Constructions, a national firm that hit the headlines this month due to troubled finances in its NSW division, was the company that took over the building of the Titans Centre of Excellence.

Reed Constructions would not make any comment on its legal case, which will now be heard on March 23.

Comment is being sought from the Titans.

More on this story in tomorrow's Gold Coast Bulletin.

 

http://www.goldcoast.com.au/article/201 ... -news.html

scanning
scanning

News Ltd

Xman wrote:

Raiderdave wrote:

Xman wrote:

http://www.goldcoast.com.au/article/201 ... -news.html

scanning
scanning

News Ltd

News ltd are doing their job and reporting the News. Th ato and other associates are after the titans

Raiderdave wrote:

News ltd are bitter &.................. full of sh.it

TLPG wrote:

https://www.comcourts.gov.au/file/Feder ... 12/actions

Beaussie wrote:

Raiderdave wrote:

News ltd are bitter &.................. full of sh.it

Boring. Have you not got anything else?

Beaussie wrote:

Fancy hoping the government of a third world country will bail you out. Disgraceful Searle and co at the Titans. Disgraceful.

Raiderdave wrote:

Beaussie wrote:

Fancy hoping the government of a third world country will bail you out. Disgraceful Searle and co at the Titans. Disgraceful.

there'd be 6 VFL clubs who'd take their cash in a heartbeat

but theres a problem

PNG'ers have no time for vicky kicky

Xman wrote:

Raiderdave wrote:

Beaussie wrote:

Fancy hoping the government of a third world country will bail you out. Disgraceful Searle and co at the Titans. Disgraceful.

there'd be 6 VFL clubs who'd take their cash in a heartbeat

but theres a problem

PNG'ers have no time for vicky kicky

There are also no AFL teams who need their money. The AFL look after their teams. The NRL.......