Queensland residents draw to the attention of the House the report dated 25 March 2019 prepared by McGrathNicol on a cost analysis identifying the costs and receipts associated with the Ipswich CBD redevelopment undertaken by Ipswich City Properties Pty Ltd (ICP) a wholly owned subsidiary of Ipswich City Council (Council). The report reveals the net costs less the carrying value of assets for ICP (loss) to be $78.74 million.

The role of a company director is to govern a company on behalf of the shareholders or members of that company. Under the Corporations Act 2001 and the general law directors have various duties including to act in good faith in the best interests of the company; exercise care and diligence; and prevent the company trading while insolvent.
Directors are personally liable as a director if they have breached their duties and caused the company to suffer some loss.

It is vital that any actions taken against directors in breach of duty are within statutory time limits.

Your petitioners, therefore, request the House to call on the Local Government Minister, the Treasurer and the Ipswich City Council administrator to take all steps necessary to examine the actions and decisions of the directors of ICP and ensure the directors of ICP are held to account for any breaches of duty that led or contributed to the $78millon loss incurred by the ICP and the Council.