Perpetual Trustee files for compensation against Elderslie
Perpetual Trustee Company Limited has filed a claim for compensation for misappropriation of trust monies against Elderslie Finance Corporation Limited (EFC) in the NSW Supreme Court.
The Perpetual Limited subsidiary, which acts as trustee for the Elderslie MTN Trust for note holders and other creditors, has also filed against NSW Australian Integrated Finance Pty Limited (AIF) and certain directors of both companies, according to a Perpetual media release.
It said that under a separate and independent arrangement, Perpetual Trustees W.A. Limited (PTWA) appointed PricewaterhouseCoopers as receivers to EFC and a number of its subsidiary companies, including AIF, on July 2.
PTWA is a fully owned subsidiary of Perpetual and a discrete corporate entity that acts as a debenture trustee between PTWA and EFC.
PTWA made the appointment in its capacity as trustee for secured debenture holders of EFC under charges it holds over the assets and undertakings of EFC and a number of its subsidiary companies.
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.
