Liquidators appointed to Lake Coogee Estate
Joint liquidators Shaun Fraser and James Thackray of McGrath Nicol have been appointed by the Federal Court to wind up the Lake Coogee Estate management development scheme following an application by the Australian Securities and Investments Commission (ASIC).
The unregistered managed investment scheme was operated by Lake Coogee Estate Management (LCEM), Citibond Finance & Investment and ALB Developments (ALB) in Perth.
Winding up orders previously made by the court on 11 May, 2007, and approved by the majority of the scheme’s investors, permitted LCEM to continue with the scheme until its completion on the condition that Fraser act as supervising accountant.
In his most recent regular report to the court and ASIC, Fraser stated the scheme had become insolvent and, consequently, secured creditors had taken possession of ALB’s land, one of the scheme’s main assets.
ASIC applied to the court for the appointment of liquidators to manage the final and orderly winding up of the scheme because its "development was unlikely to be completed as originally contemplated".
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