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Pallan Group in midst of restructuring
It’s business as usual says the president of the Campbell River-based Pallan Group as the company goes through restructuring.
“We’re doing business every day,” Derik Pallan said Wednesday. “We’ve been doing business here for 50 years and we’ll be here for another 50.”
On Wednesday, a legal notice in the Mirror announced that KPMG of Vancouver had been appointed receiver of the limited companies: Pallan Timber Products, Pallan Holdings and Howe Sound Forest Products. KPMG provides audit, tax, and advisory services, and will manage “assets, undertakings and properties” of the Pallan Group, excluding its main office and building located between Tamarac and Willow streets, along with some other assets.
Pallan said they are working with KPMG and the bank to restructure their corporation which includes forestry, lumber sales and real estate holdings. The Pallan Group is currently in the midst of developing the Middle Point, located just north of the city. They’re working in conjunction with the Cape Mudge Indian Band to develop a commercial port along with forestry-related industries. A formal announcement was expected earlier this year, but planning is still in the works.
“It’s been a lot slower than we anticipated, but the project is 100 per cent moving forward,” said Pallan.