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.
The Weekly SOURCE
Breaking down silos: Whiddon’s regional pilots are transforming aged care
Six 12-week Collaborative Health Care (CHC) Initiative pilots are now live across regional NSW, bringing aged care providers, hospitals, insurers, and Government agencies together to tackle some of the biggest pressure points in health and aged care.