Retirement village investment scheme liquidated

An unregistered managed investment scheme involving the Victoria Garden Retirement Village and Primelife Corporation had a liquidator appointed to it this week following an investigation by the Australian Securities and Investments Commission (ASIC), which found significant disputed liabilities associated with the scheme.

Andrew McLellan was appointed as liquidator of the scheme by the Federal Court.

McLellan was previously appointed by the court to investigate and report into the past affairs of the scheme and identified the assets and investors.

The investors were given the opportunity to consider proposals about how the scheme should be wound up.

“Because an independent investigation into the scheme was conducted, ASIC ensured that investors were able to make informed decisions as to the best manner in which the scheme should have been wound up,” Jan Redfern, executive director of enforcement at ASIC, said.

Another unregistered managed investment scheme involving the Highwood Court Aged Facility was also wound up by the Federal Court this week.

The investors involved in the Highwood Court Partnership scheme agreed to sell their interest in the Highwood Court Aged Care Facility to Primelife Corporation. The proceeds of the sale were distributed to investors.

According to ASIC, the proceedings should not cause any disruption to the residents of the retirement villages and aged care facilities operated by Primelife, including Victoria Garden and Highwood Court.