Bridgecorp concerns prompt ASIC orders
The Australian Securities and Investments Commission (ASIC) has made a number of orders against Bridgecorp Finance in relation to significant concerns regarding the company’s financial position.
The non-bank lender, which raises money from investors by offering unsecured notes and then on-lends the money as a short-term property financier, is now restricted from raising further funds from existing debenture holders or accepting rollovers from existing funds.
It must also have its loan book reviewed, provide the trustee with weekly and monthly financial reports and notify its debenture holders of the court orders.
ASIC applied to the NSW Supreme Court for the orders with the aim of protecting holders’ interests after reviewing two of the company’s prospectuses.
The regulator has acknowledged the co-operation of the trustee, Permanent Nominees Australia, and Bridgecorp Finance in working towards a resolution.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.