ASIC winds up Brisbane-based company
An Australian Securities and Investments Commission (ASIC) investigation has led to the winding up of Brisbane-based Property Developers Fund (PDFL).
The Supreme Court of Queensland heard that PDFL raised capital from members of the public through offers of Cumulative and Participating Redeemable Preference Shares (CPRPS) and subsequently provided loans to various borrowers, including related entities, for property development purposes.
However, the company’s CPRPS on issue were $37,637,500 involving 405 shareholders, making it likely the investor shareholders stood to suffer a substantial shortfall on their investment.
Given this, the court ruled the appointment of a liquidator to the company represented the most appropriate course of action to protect the interests of investors.
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.
