Austock reviewing exposure to ABC Learning Centres
Austock Group management is undertaking a detailed review of its exposure to ABC Learning Centres, following the child care group being placed into voluntary administration and receivers being appointed to the ABC Banking syndicate.
Austock’s property group of business owns childcare centre properties on long-term lease agreements to ABC. Austock has received payments from ABC and has outstanding receivables.
The company said it was not in a position to measure the potential effect of ABC being placed into voluntary administration and could not assess how it would affect its business. Austock will meet with the receiver to establish the effect of his appointment.
The receiver of the ABC said it intended to keep the child care centres open and operating smoothly during the receivership process.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
