ASIC moves on Sydney mortgage schemes
Forrest Knoll Nominees’ managed investment scheme has had a receiver appointed to it by theAustralian Securities and Investments Commission(ASIC) after the corporate watchdog made a successful application to the Supreme Court of New South Wales.
Forrest Knoll was a managed investment scheme that was managed by Sydney law firm Gridiger and Co.
The orders to put the scheme into receivership follow a decision by Justice Barrett in the Supreme Court on August 12, 2000, to wind up six mortgage schemes identified by ASIC.
Forrest Knoll has consented to the orders sought by ASIC, the watchdog says in a statement.
ASIC says that each of the mortgage loans comprising the managed investment scheme was in default and concluded it appropriate to appoint receivers.
There were six mortgage loans and more than 250 investors with interests in the schemes.
Andrew Love and Robyn Duggan of Ferrier Hodgson were appointed as the receivers of the mortgage schemes.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
