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

 

 

The Nicholson Street Joint Venture 

Information for investors of the Nicholson Street Joint Venture.

 

The property was sold via an expression of interest process in line with the requirements of the Court. While the property had not yet been rezoned at the time of sale, the property was sold for substantially in excess of the ‘as is’ valuation at that time and in line with the valuation on a rezoned basis.


Settlement of the property has occurred, effective from 30 June 2011.

 

Based on the sales price achieved, the impact on stakeholders is:

 

  • Receivership funding – The secured lender provided facilities during the receivership period. These facilities are expected to be repaid in full.
  • Secured debt – The secured debt together with the default interest and the legal and accounting costs of the secured lender is expected to be repaid in full.
  • Unsecured creditors – As the secured creditor is expected to be repaid in full, there is expected to be funds available for valid trust claims against the Trustee of the relevant trust by pre-receivership unsecured creditors.  Based on the information held to date, these claims are expected to be paid in full.
  • Common pool for Investors – As a surplus is expected after payment of unsecured creditor claims, there is expected to be funds available to be included in the common pool for Investors in accordance with the pooling Orders made by the Court.

 

We will confirm to Investors in due course when this sale completes.