A mass sandalwood supplier with NT roots has entered receivership after a lengthy period of turmoil. Quintis Australia leases land for sandalwood plantations in the NT, Queensland, and Western Australia. Source: NT News
The company’s NT holdings are in the Douglas Daly area.
Quintis Australia is the largest sandalwood supplier in the world – selling oil, powder, logs, and chips – but appointed FTI Consulting as receivers on April 2.
An FTI Consulting spokesperson said they were now in control of the majority of Quintis Australia’s businesses, assets, and operations.
“This includes sandalwood plantations and real estate in the Kimberley and Northern Territory, an operations centre in Kununurra, a small plantation and land in Queensland, and the Mt Romance oil distillation facility and shop near Albany,” the spokesperson said.
“[We] will urgently call for expressions of interest in the sale and/or recapitalisation of the business and are currently working closely with key stakeholders to quickly conduct an independent assessment of the financial position of the entities that are the subject of their appointment and their ongoing and future viability.”
Quintis Australia’s dealings in the NT were previously granted Major Project status, but said status was revoked in 2018.
The company went into voluntary administration in January 2018.
The move came after Federal Court proceedings were brought against ex-Quintis director Frank Wilson for allegedly misleading the market about terminated contracts with Swiss giant Nestle, and allegedly failing to discharge his duties as a director in 2017.
The Federal Court in 2023 found Mr Wilson did not breach his duties regarding disclosure of the termination of key contracts.
