Moses Obeid's company assets in spotlight Moses Obeid leaving the ICAC hearing. Moses Obeid's company finances will be laid bare after he gave up attempts to prevent the City of Sydney council from pursuing a $16.6 million debt. In a surprise move, Mr Obeid has decided not to contest the council's move to put his company Streetscape into liquidation. Last year the Supreme Court ordered Streetscape to pay the council $12 million, plus $4.6 million in costs and interest. The debt related to Mr Obeid being prosecuted for selling streetpoles offshore in breach of licensing agreements. After the judgment, Mr Obeid appointed administrators Ozem Kassem and Robert Kite from the accountancy firm Cor Cordis. The administrators voted with small creditors, mostly friends and relatives of the Obeids, to accept only a few cents in the dollar in full satisfaction of the money they claimed to be owned by Mr Obeid's company. This Deed of Company Arrangement (DOCA) effectively wiped out Mr Obeid's company's $16.6 million debt to the council. The council took legal action to overturn this, claiming the DOCA was neither fair nor reasonable. On Wednesday in the Supreme Court Justice Ashley Black was told Mr Obeid and the administrators were not contesting the council's move to set aside the DOCA and place Streetscape into liquidation. The council has appointed Deloitte partner David Lombe to wind up the company. This means a thorough public examination of the company's assets and recent transactions can now take place. Describing this development as a "win" for the council, a spokesman said: "The City of Sydney will now seek any assets to satisfy its judgment debt in this case." Legal action against Mr Obeid personally for the debt has been ordered back to the Supreme Court for redetermination.