|Appointment type||Creditors Voluntary Liquidation|
|Appointment date||24 May 2013|
|Company subject to Administration||Sovereign MF Limited
ACN 104 694 555
+61 3 8663 8779
John Lindholm was appointed Administrator of the Company on 19 April 2013 pursuant to Section 436C of the Corporations Act 2001.
Subsequently at a meeting of creditors held on 24 May 2013 John Lindholm was appointed Liquidator of the Company pursuant to section 499(2A) of the Corporations Act 2001.
The Company is the Responsible Entity for two registered Managed Investment Schemes under Australian Financial Services License number 238142, being:
- The Sovereign Aged Care Property Fund relating to a freehold property which is subject to a lease and operates as the Glen Waverley Private Nursing Home located at 982 High Street Road, Glen Waverly, Victoria, 3150.
- The Sovereign Tarneit Land Fund relating to residential development land known as the Westbourne Fields Estate located at 145 Sayers Road, Truganina, Victoria, 3029.
Gess Rambaldi and Andrew Yeo of Pitcher Partners were appointed Agents for the Mortgagee in Possession over the property located at 982 High Street Road, Glen Waverley, Victoria by Braham Investments Pty Limited on 19 April 2013.
My report into the Company’s affairs and the conduct of its directors pursuant to section 533(1) of the Act was lodged with ASIC on 18 June 2013. Our report identified a number of potential offences that may have been committed by the directors of the Company and ASIC’s investigations are ongoing.
At this stage, it is unlikely that ordinary unsecured creditors and unit holders will receive a dividend, however this remains dependent upon:
- The sale and development of Westbourne Fields Estate.
- The recovery of related party loans.
- Any surplus funds that may become available from the sale of the property located at 982 High Street Road, Glen Waverley, Victoria by Pitcher Partners as Agents for the Mortgagee in Possession.
- The quantum of secured and priority creditor claims.
- Unit holder entitlements under the MIS’s.
In view of the above, the liquidation is unlikely to be finalised over the next 12 months.
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