Stanwell 'May Write Off Debt' - southburnett.com.au

February 20, 2017

Coal Reuse allegedly owed Stanwell Corporation – operators of the Tarong North and Tarong power stations – just over $251,000 at the time it went into liquidation last year.

However, according to documents sighted by southburnett.com.au, Stanwell does not plan at this stage to chase after the money.

“We are mindful of the apparently limited prospects of recovery by creditors in the liquidation of Coal Reuse,” a letter states.

The list of creditors includes former Coal Reuse employees as well as smaller business and trade creditors.

“We do not wish to further dilute the prospects of recovery by those creditors,” the letter states.

“Therefore, while Stanwell has previously indicated … our intention to issue invoices … at this time we will not be seeking to recover payment of those invoices from Coal Reuse Pty Limited.”

However, this will probably not be be the end of the power generating corporation’s involvement with Coal Reuse, the company it signed up to a 10-year deal in 2014 to remove fly ash, cenospheres and other coal waste products from its power stations.

Another document seen by southburnett.com.au indicates Coal Reuse liquidators Rodgers Reidy intends to take legal action against Stanwell to recover $266,734 allegedly owned by the corporation to Coal Reuse.

Other claims raised include that Coal Reuse was allegedly trading insolvent from as early as June 2015, a position denied by former Coal Reuse chairman Rodney Hudspeth.

Mr Hudspeth’s Notesan Pty Ltd is listed as one of Coal Reuse’s creditors, allegedly owed more than $376,000 by the failed company.

Another possible creditor listed is the Commonwealth Superannuation Fund which claims it is owed $275,000 in connection with a warehouse at Pinkenba. This is believed to be a warehouse where Coal Reuse stored unsold cenospheres from Tarong.

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