There are now five retirement villages caught up in the LM administration cobweb, being remnants of the failure of Peet and Village Life that LM had been landed with as a mezzanine funder. Two weeks ago LM called in administrators FTI Consulting for the management company of their eight investment funds. It is understood the administrators have now applied to be appointed receivers and ASIC is supporting FTI to also be appointed receiver of the largest fund, the $400 million Managed Performance Fund. ASIC has also suspended LMs financial services license for two years, effectively ending their ability to raise funds. The impact on the retirement villages is unknown.
Three big questions the Budget must answer for aged care sector executives to move forward. Time for bravery?
With the Federal Budget now just 12 days away, there remains several unanswered questions that are weighing on boards and executives across the aged care sector. Despite the Aged Care Taskforce, chaired by the Aged Care Minister Anika Wells, handing...