Australia

Details

  • Service: Advisory, Transactions & Restructuring, Restructuring Services
  • Type: Press release
  • Date: 26/02/2010

Media contacts

Media contacts
Journalists looking for comment on a particular subject or sector can contact KPMG's media team.

KPMG Receivers and Managers of 15 unregistered managed investment schemes 

26 February 2010 - The Federal Court of Australia yesterday appointed KPMG Partners, Damian Templeton and Philip Hennessy, as Receivers and Managers of 15 unregistered managed investment schemes and associated companies previously managed by Mr Mark Letten.

The appointment follows an application by Australian Securities and Investment Commission to the Court. The Court confirmed that 11 of the schemes breached the Corporations Act 2001 by not being registered.

 

Mr Templeton said: ”As Receivers and Managers, our first task is to identify and preserve the property of the schemes and companies to assess the true financial position of each scheme.

 

“This will include a realistic assessment of the current market value of the properties in each scheme to determine the best option for moving forward. The schemes will continue to operate as normal while this investigation is conducted,” Mr Templeton said.

 

The Receivers and Managers are required to report to the Court on the status of their investigations, including identifying investors, by 12 April 2010. Following this, investors will be provided with a copy of the relevant report and allowed 30 days in which to comment on the future of the schemes.

 

Mr Templeton said the Receivers and Managers aim to maximise returns for scheme investors.

 

Investor Information
KPMG will be in contact with scheme investors within five business days to provide further details. Investors should contact KPMG to confirm the investments they have made.

 

Investors can contact KPMG on 1800 882 944 or +61 3 9838 4238 or by email to lettenschemes@kpmg.com.au. Information will be placed on a dedicated website at www.kpmg.com.au/lettenschemes.

 

A list of the schemes and companies to which the Receivers and Managers have been appointed is attached.

 

KPMG Partners Damian Templeton and Phillip Hennessy have been appointed Receivers and Managers to the following companies:

  • LGH Holdings Limited ACN 077 191 943 (Receivers and Managers Appointed)
  • 211 Wellington Road Pty Ltd ACN 092 663 860 (Receivers and Managers Appointed)
  • Bluemist Holdings Pty Ltd ACN 097 306 922 (Receivers and Managers Appointed)
  • Dellwood Holdings Pty Ltd ACN 098 505 803 (Receivers and Managers Appointed)
  • Enmore Enterprises Pty Ltd ACN 082 158 487 (Receivers and Managers Appointed)
  • Firbank Arch Pty Ltd ACN 059 464 381 (Receivers and Managers Appointed)
  • Glenline Pty Ltd ACN 098 532 364 (Receivers and Managers Appointed)
  • Gerling Holdings Pty Ltd ACN 091 726 457 (Receivers and Managers Appointed)
  • LGH Administration Pty Ltd ACN 077 165 069 (Receivers and Managers Appointed)
  • LGH Finance Pty Ltd ACN 078 859 248 (Receivers and Managers Appointed)
  • Low Head Village Pty Ltd ACN 091 731 958 (Receivers and Managers Appointed)
  • Nicholson Street Pty Ltd ACN 069 104 089 (Receivers and Managers Appointed)
  • Holloway Crest Pty Ltd ACN 091 731 967 (Receivers and Managers Appointed)
  • Rosebery Enterprises Pty Ltd ACN 091 826 229 (Receivers and Managers Appointed)
  • Simms Investments Pty Ltd ACN 093 504 511 (Receivers and Managers Appointed)
  • The Glen Centre Hawthorn Pty Ltd ACN 089 906 543 (Receivers and Managers Appointed)
  • Castello Holdings Pty Ltd ACN 088 204 175 (Receivers and Managers Appointed)
  • Twinview Nominees Pty Ltd ACN 097 307 278 (Receivers and Managers Appointed)
  • Yarra Valley Golf Pty Ltd ACN 066 632 479 (Receivers and Managers Appointed)
  • Adina Rise Pty Ltd ACN 083 181 122 (Receivers and Managers Appointed)
  • Albright Investments Pty Ltd ACN 088 204 166 (Receivers and Managers Appointed)
  • Ashfield Rise Pty Ltd ACN 093 504 806 (Receivers and Managers Appointed)
  • Bradfield Corporation Pty Ltd ACN 088 204 371 (Receivers and Managers Appointed)
  • Copeland Enterprises Pty Ltd ACN 093 504 824 (Receivers and Managers Appointed)
  • Devlin Way Pty Ltd ACN 088 264 813 (Receivers and Managers Appointed)
  • First Hazelwood Pty Ltd ACN 093 505 303 (Receivers and Managers Appointed)
  • Glenbelle Pty Ltd ACN 097 306 646 (Receivers and Managers Appointed)
  • Glenvale Way Pty Ltd ACN 088 287 021 (Receivers and Managers Appointed)
  • Greenview Lane Pty Ltd ACN 093 505 312 (Receivers and Managers Appointed)
  • Hallmark Corporation Pty Ltd ACN 083 180 812 (Receivers and Managers Appointed)
  • Moorleigh Holdings Pty Ltd ACN 088 287 058 (Receivers and Managers Appointed)
  • Norton Ridge Pty Ltd ACN 078 821 066 (Receivers and Managers Appointed)
  • Raleigh Glen Pty Ltd ACN 088 204 380 (Receivers and Managers Appointed)
  • Redcrest Holdings Pty Ltd ACN 100 836 486 (Receivers and Managers Appointed)
  • Suri Corporation Pty Ltd 093 505 321 (Receivers and Managers Appointed)
  • Sutton Rise Pty Ltd ACN 088 204 399 (Receivers and Managers Appointed)
  • The Virtual Mlmer Pty Ltd ACN 065 374 665 (Receivers and Managers Appointed)
  • Tivendale Pty Ltd ACN 093 505 349 (Receivers and Managers Appointed)
  • Tulloch Downes Pty Ltd ACN 078 895 048 (Receivers and Managers Appointed)
  • Mainking Pty Ltd ACN 100 790 485 (Receivers and Managers Appointed)
  • Topglen Pty Ltd ACN 096 857 564 (Receivers and Managers Appointed)
  • Allblue Pty Ltd ACN 100 836 388 (Receivers and Managers Appointed)
  • Aranbay Pty Ltd ACN 098 532 319 (Receivers and Managers Appointed)

 

KPMG Partners Damian Templeton and Phillip Hennessy have been appointed Receivers and Managers to the following schemes:

 

Scheme

Description of property

Reef House Resort

99 Williams Esplanade Palm Cove, Qld – The Sebel Reef House Resort

Twinview Joint Venture

167 Flinders Lane, Melbourne, Victoria

The Glen Centre Joint Venture

673–681 Glenferrie Road, Hawthorn, Victoria

Nicholson Street Joint Venture

127-137 Nicholson Street, East Brunswick, Victoria

Low Head Joint Venture

136 Low Head Road George Town, Tasmania, 142 Low Head Road, George Town, Tasmania & 40 Gunn Parade, George Town, Tasmania

George Street Joint Venture

34 George Street, Launceston, Tasmania

Cimitiere House Joint Venture

113 Cimitiere Street, Launceston, Tasmania

211 Wellington Road Joint Venture

211 Wellington Road, Mulgrave, Victoria

Yarra Valley Golf Joint Venture

St John of God's Seminary and Henley Farm, Chirnside Park, Victoria

Glenbelle Project

Sebel Heritage Lodge Management Lot, Yarra Valley Golf Course, Chirnside Park, Victoria

Healesville Walk Shopping Centre Joint Venture

251-263 Maroondah Highway, Healesville, Victoria

Howleys Road Joint Venture

40-48 Howleys Road, Notting Hill, Victoria

Queen Street Joint Venture

118 Queen Street, Melbourne, Victoria

Simms Investment Project

626 Pittwater Road, Brookvale, NSW

National Boulevard Joint Venture

144 National Boulevard, Campbellfield, Victoria

 

Media enquiries

For further information about this media release, contact KPMG's media team.
Peter Mahon
Royce
+61 3 8628 9300, 0418 351754
 

Letten Schemes: Information for investors and creditors

Information for creditors and investors of the Letten Schemes.