Administrators appointed to ACR
Australian Capital Reserve Group (ACR) became the third financial services organisation offering investments in property development in recent times to strike financial trouble after going into voluntary administration yesterday.
It is estimated ACR raised over $300 million from approximately 700 investors for its property developments in NSW and Victoria between 2000 and 2007 through the issue of unsecured deposit notes.
Since the appointment of Murray Smith, Scott Kershaw, Joseph Hayes and Colin Nicol from McGrathNicol as administrators of the beleaguered organisation all investments have been frozen.
A noteholder information session is scheduled to be held on June 4, 2007 to inform investors about the state of both ACR and their associated funds.
ACR had already come under regulator scrutiny in March of this year when the Australian Securities and Investments Commission (ASIC) issues an Interim Stop Order on a prospectus prepared by the group due to concerns over proper disclosure.
The collapse of ACR follows those of Westpoint and more recently Fincorp in the property investment arena.
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