Coffs Harbour based village investor LKM likely to pay just 30 cents in dollar after collapse owing investors $63 M

Dec 18 2012 Updated July 4, 2023

The Weekly Source

1 min read

The liquidators BRI Ferrier now believes they will only pay out 30 cents to 1180 debenture holders in LKM Capital, after the failure to sell several of its retirement villages, located in Griffith (NSW), Cairns, Rockhampton and Mackay (QLD). The company collapsed in 2008. The Supreme Court action against the three directors has also been dropped. It had been alleged they had breached their obligations to tell the trustee of the fund when their loan-to-value ratios exceeded 70 per cent. Two instances of loan-to-value ratio on loans to property developers reached 450% and 740%. Most debenture holders were clients of Coffs Harbour legal firm owned by two of the directors.

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