The industry has today been saved from a potentially very damaging village failure with Lend Lease signing the documents to purchase Brentwood village at Kincumber [NSW] from the receivers, Ferrier Hodgson. A huge village, with 498 ILUs plus 102 serviced apartments, it has been in limbo since the failure of Prime Trust. Approximately 12 months ago ME Bank appointed the receivers. The challenge has been the significant number of vacated ILUs with residents or their families seeking their payout, leading to tribunal hearings and Brentwood Village Residents Association actions. The fear has been it could be the first village in Australia to fail. We hear that Lend Lease has written to all residents and families explaining as the new owners and operators they will meet all required obligations.
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...