Thirty mortgage investment schemes managed by former Western Australian (WA) finance broker Knightsbridge Finance will be wound up under orders from the Supreme Court of WA.
TheAustralian Securities and Investments Commission
Partner of Perth firm PKF, John Carello, has been appointed liquidator to the mortgage schemes.
Knightsbridge Finance was one of the largest mortgage brokers and mortgage investment managers in WA until it appointed Carrello its voluntary administrator in January 2001.
“ASIC is confident that the orders will maximise the potential return to investors on the winding up under Mr Carello,” ASIC WA regional commissioner Michael Gething says.
Gething also says investors who have loaned funds in individual mortgages can continue to manage their investment themselves outside of the winding up if they agree to do so
On May 15, Knightsbridge Finance placed itself into liquidation owing to its continuing insolvency, and appointed Carello as its liquidator.
