Creditors to discuss $300m debt

CREDITORS of the financially-troubled development company Resort Corp will meet for the first time next week.

The company, which is part-owned by Tweed identity Paul Brinsmead and is responsible for building The Beach at Cabarita and Santai at Casuarina, was placed in administration this week owing creditors around $300 million.

Another 22 smaller companies, set up to manage the individual Resort Corp developments, were also placed in administration on Monday.

Administrator for the companies, David Clout from David Clout and Associates in Brisbane, said he has begun investigating Resort Corp's assets, but it was too early to say what the outcome will be.

“The next stage will to be the first creditors' meeting where they will appoint a board of creditors to act on their behalf,” he said.

“I have a lot more things to investigate in preparation for the second creditors meeting that I hope will be held in three to four weeks, which is when I will report my findings to the creditors.”

The creditors meeting will be held on March 12.

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