Information for investors of the Low Head Joint Venture.
Following a sale campaign conducted in accordance with the Orders of the Court, Low Head Village Pty Ltd (Receivers and Managers Appointed) has executed a Business Sale Agreement and Property Sale Agreement, in relation to the property and business located at 128-136 Low Head Road, Low Head ("the Low Head Tourist Park").
The sale was subject to approval of the Court which was granted by an Order dated 13 May 2011. Copies of the relevant Court documents, including the affidavit of the Receiver, Orders of 13 May 2011 and reasons for judgement published on 13 May 2011 are available.
Settlement of the property has occurred, effective from 2 June 2011.
Based on the sales price achieved, the impact on stakeholders is:
- Secured debt – The secured debt together with the default interest of the secured lender are not expected to be repaid in full.
- Unsecured creditors – As the secured creditor is not expected to be repaid in full, it is not expected there will be funds available for valid trust claims against the Trustee of the relevant trust by pre-receivership unsecured creditors.
- Common pool for Investors – As a surplus is not expected after payment of secured creditor claims, there is not expected to be funds available to included in the common pool for Investors.