Property and mortgage manager closes shop
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Teys Property Funds Limited.
Teys is the responsible entity of 11 property and mortgage funds and has been in external administration under Adam Shepard since March 5.
ASIC’s decision was made after discussions with the external administrators of Teys to ensure the timing of the cancellation would not adversely impact investors in Teys’ managed investment scheme.
The cancellation of Teys Australian Financial Services licence is subject to a specification that it continues to the extent necessary to enable Teys to wind up its property and mortgage schemes.
AUTHOR
Ashleigh McIntyre
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