Expressions of interest sought for Great Southern
The receivers of Great Southern are seeking the interest of third parties in acquiring Great Southern’s assets or responsible entity roles.
Interested parties are being sought by September 30 to acquire all or part of the Great Southern business, land owned by the group’s entities and its assets. Parties are also being sought to replace Great Southern Managers Australia (GSMAL) as the responsible entity for all or some of Great Southern’s managed investment schemes.
Simon Read of McGrathNicol, the receivers and managers of the Great Southern Group, said the responsible entity is totally insolvent and there is no way forward for many of these schemes.
Read said McGrathNicol has successfully secured support and limited funding to allow for an open, competitive process in seeking interested parties.
“It is our view that a competitive process best serves the interests of both investors and creditors,” Read said.
According to Read, discussions have already been held with a number of interested parties in relation to some of the schemes.
However, if an alternative responsible entity does not come forward or cannot be identified for a particular scheme, GSML may need to make an application to the court to wind up that scheme, according to a McGrathNicol statement.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
