Prime Trust hits the wall with 10 villages placed in receivership by banks.

As business closed last Friday Suncorp Metway Bank ushered in the receivers Ernst & Young to three big Prime Trust villages - Carlyle Gardens Mackay, Carlyle Gardens Townsville and Argyle Gardens Bundaberg.
On Monday, another bank believed to be HBOS, did the same and ushered in KordaMentha as receivers to a further seven Prime Trust villages - Nambour, Buderim Meadows, Chancellor Park, Noosa Outlook, Buderim Gardens, Bellflower and Lindfield Retirement Villages (all in Queensland). MEB (Members Equity Bank) has appointed receivers Ferrier Hodgson to Prime's Brentwood Village, one of the biggest on the Central Coast of NSW.
To complete the round robin, Bill Lewski, the founder and driving force behind Prime Trust, appointed Lawler Draper Dillon as Voluntary Administrators to the Trust and its other entities. This was contrary to the plans of the Board of Prime Trust who had planned to appoint PricewaterhouseCoopers as the Administrator.