Australia

Appointment type:

Joint and Several Receivers and Managers
Joint and Several Liquidators

Appointment dates:

25 February 2010
4 March 2010
30 July 2010
13 May 2011

4 November 2011

Entities in receivership:

Letten Schemes

Letten Companies

Additional Letten Schemes & Companies

Entities in liquidation:

Letten Companies: 13 May 2011

Letten Companies: 4 Nov 2011

ACN: Refer to schedule 

Appointees:

Damian Templeton &
Philip Hennessy 

Office: Melbourne

Hotline: 
Australia: 1800 882 944 
International: +61 3 9838 4238

Contact email: lettenschemes@kpmg.com.au

 

 

Low Head Joint Venture 

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.