Westwater Property and Finance Company goes into receivership in Victoria
National Australia Bank has appointed PricewaterhouseCoopers (PwC) as receivers and managers over Westwater, the second property and finance company to collapse in as many months.
PwC’s David McEvoy said he was “in the process of gathering documents” from the company.
“We don’t really have a handle on what the underlying position is,” Mr McEvoy said. He said NAB had placed “about half a dozen” companies under his control. He could not say how much, in total, was owed to the bank.
Corporate insolvency firm, Korda Mentha, was appointed by Oversea-Chinese Banking Corporation (OCBC) as receiver over Westwater’s Esprit Apartments development in GlenHuntly.
Aside from Esprit Apartments, Westwater has a dozen projects either completed or in development around Melbourne. Two additional projects, in Blackburn and Point Cook, were being planned.
