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.
Five Prime Trust directors found to a breach their duties when handing over $33 million to Bill Lewski
Corporate watchdog ASIC was successful in the Federal Court, obtaining a ruling that the five former directors of Prime Trust are liable for breaching their duties as officers of the trust APCHL. They agreed to the amendment of the Constitution of...