Ipswich City Properties will effectively cease to operate from 30 June, 2019.
A report to Ipswich City Council’s Economic Development Committee meeting on Tuesday heard the wind-up plan is to have current ICP assets, licences, leases, intellectual property and operations transferred and incorporated into council by the end of the financial year.
The final deregistration process is then scheduled to occur from July to December, with ICP no longer existing after 31 December.
Sean Madigan, General Manager of the Coordination and Performance Department, said McGrath Nicol and Clayton Utz had assisted with coordination of all activities and processes directed at achieving a final winding up of ICP, which is 100 per cent owned by council.
“McGrath Nicol are actively assisting the winding-up process in having already finalised the action plan and schedule to enable the facilitation and monitoring of targeted deliverables and timeframes,” the report said.
Clayton Utz were engaged by ICP in April to advise on and carry out all legal requirements associated with ICP’s involvement in the winding-up process.
This included transfer of freehold land, transfer of leasehold (2 Bell St), the Queensland Rail option, infrastructure credits, intellectual property, and the deed of release from council to forgive debt at the end of the process and before liquidation/de-registration of ICP.
Other activities currently being pursued in relation to the winding-up process include:
- Engagement with QR on the 2 Bell St lease and the remaining Ellenborough St purchase option.
- Location of securities and guidelines for contractors Hutchinson, JMac and James Trowse.
- A review of all ICP records to identify all consultancy engagements and tax invoices for both the project and for property management operational and services requirements.
- The integration of seconded ICP staff back to council and the cancellation of relevant secondment agreements.
The report said a plan would be formulated to deal with any procurement issues arising as and from the date of transfer of assets from ICP to council and council’s management as and from that transfer date.
“This report provides confirmation that the ongoing and active management process between the relevant parties involved, which is focussed on achieving a final winding up of ICP, remains on schedule,” it said.
Interim Administrator Greg Chemello noted there had been some media/public commentary about the cost of winding up ICP.
“The key is to get out of that (the winding up of ICP) as fast as we reasonably can,” he said.