ASIC moves on Sydney mortgage schemes
Forrest Knoll Nominees’ managed investment scheme has had a receiver appointed to it by theAustralian Securities and Investments Commission(ASIC) after the corporate watchdog made a successful application to the Supreme Court of New South Wales.
Forrest Knoll was a managed investment scheme that was managed by Sydney law firm Gridiger and Co.
The orders to put the scheme into receivership follow a decision by Justice Barrett in the Supreme Court on August 12, 2000, to wind up six mortgage schemes identified by ASIC.
Forrest Knoll has consented to the orders sought by ASIC, the watchdog says in a statement.
ASIC says that each of the mortgage loans comprising the managed investment scheme was in default and concluded it appropriate to appoint receivers.
There were six mortgage loans and more than 250 investors with interests in the schemes.
Andrew Love and Robyn Duggan of Ferrier Hodgson were appointed as the receivers of the mortgage schemes.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
