Unsecured creditors to get small refund on Westpoint project
Unsecured creditors associated with the failed Westpoint related Ann St Mezzanine project are set to recoup some of their money in the scheme after the liquidators handling the development announced their intention to declare a first dividend.
The declaration of the dividend comes after the receivers appointed by Permanent Trustees, the first mortgage lender to Westpoint related real estate owner Ann St Brisbane Pty Limited, sold the property. Ann St Mezzanine was the second financier of the project.
A total of $7.5 million was left over from the sale of the property after the debt owed to Permanent Trustees was satisfied, allowing liquidators PricewaterhouseCoopers (PWC) to declare the first dividend.
Partner with PWC, Geoff Totterdell, said: “The total claims of the 870 known unsecured creditors is in the order of $74.2 million, and we estimate the dividend will be at the rate of 7.4 cents in the dollar.
“Funds are being retained by the liquidators to allow for continuing investigation into the conduct of the company and the causes of the company’s failure,” he added.
Ann St Mezzanine will be the first of the nine mezzanine projects related to the Westpoint Group that have been placed in liquidation to declare a dividend.
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