Quintis and several of its subsidiaries have gone into voluntary liquidation after a troubled period for the sandalwood producer including cutting more than half of its workforce.
Quintis and several of its subsidiaries have gone into voluntary liquidation after a troubled period for the sandalwood producer including cutting more than half of its workforce.
Richard Tucker of Kordamentha was today appointed as liquidator of Quintis (Australia) Pty Ltd and nine of its related entities, data from Australian Securities and Investments Commission show.
The ASIC notice shows the company has passed a resolution to wound up the entities voluntarily.
The companies in liquidation are skin-care brand About Time We Met, Arwon Finance, Fieldpark, Mt Romance Holdings, Quintis Forestry, Quintis Holdco, Quintis Products, Quintis Sandalwood, and Sandalwood Properties.
Quintis Leasing, while under receivership, is not on the list of liquidated entities.
The liquidation comes two months after more than half of Quintis’s workforce was made redundant and some of its Western Australian operations placed onto care and maintenance.
Daniel Woodhouse, Hayden White and John Park of FTI Consulting were appointed as receivers and managers of Quintis (Australia) Pty Ltd and its subsidiaries earlier this year.
In May, FTI Consulting announced about 70 people or 62 per cent of the business’s workforce had been made redundant.
Roles impacted include 33 positions in Albany, 17 at Quintis's primary processing centre in Kununurra, and 19 roles in marketing, administration, forestry, and finance at the Perth head office.
The job cuts followed limited interest in the sandalwood business when it was put on the market.
The receivers said there were offers to acquire Quintis Group and the individual assets but they did not meet the required thresholds.
Other Quintis subsidiaries, Santalis Healthcare Corporation, Quintis Trading (Xiamen) Co, and Quintis Products, are not in receivership.
Quintis Sandalwood was founded in WA and focused on forestry plantations across the country.
It claimed its assets covers about 12,000 hectares of Indian sandalwood plantations and 5.5 million trees, as of 2022.
FTI placed Quintis on for sale, including its 7,800ha of established plantations and 3 million sandalwood trees.
The company also owns 4,000ha of plantations and manages the rest for various clients, according to FTI.
Business News understands FTI did not include Quintis's assets that were under managed investment schemes in its figure of 7,800ha of plantations and 3 million trees.
Quintis Group previously funded and developed its sandalwood projects through 11 managed investment schemes.
US-based investor BlackRock took control of Quintis and its Australian subsidiaries in a $145 million recapitalisation deal in 2018.
It is understood the receivership was called by BlackRock, being Quintis’s majority shareholder.
