At midnight tonight members of the Hunter Valley Aboriginal Corporation will regain control of their corporation. The Registrar of Indigenous Corporations, Anthony Beven, is pleased to announce that the special administration has come to an end.
In February 2009 the Registrar placed the corporation under special administration. This decision was made after a majority of the corporation’s directors wrote to the Registrar in January 2009 requesting the appointment. The corporation’s books were also examined in November 2008.
The corporation was established in 1993 and is based in Muswellbrook. It provides rental accommodation for Indigenous families living in the area through the 31 homes it owns or manages.
‘The corporation has had a major review of how it manages its rental properties,’ Mr Beven said. ‘They have introduced new rental arrangements in line with the NSW Community Housing rules.’
‘The special administrator also worked with an advisory group to prepare a business plan. The plan makes sure programs are aligned with the objectives of the corporation’, Mr Beven said.
The special administrator, Mr Peter McQuoid, said, ‘The corporation’s operations have improved substantially. The new directors still have some hard work in front of them. In particular they need to follow the financial plan closely, implement the new rental rates through their housing policy and make sure that they monitor the corporation carefully’.
Several directors attended governance training provided by the Registrar’s office in July 2009. They all said the training would help them to do their jobs better.
Corporations need to make sure they stay on top of changes and challenges of the economy. Special administration is a special measure under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 that is intended to help corporations work through difficult circumstances and return stronger corporations back to their members.
Contact:
Lisa Donnelly
02 6219 7611
31 July 2009
ORIC MR0910-02