Receivers appointed to Timbercorp Orchard Trust
The responsible entity of Timbercorp Orchard Trust, Align Funds Management, has appointed receivers for all assets of the Orchard Trust.
PricewaterhouseCoopers has taken control of the Kangara and Bella Vista properties.
Align said it was unable to secure funding for the trust, and it would be difficult to implement a restructure of the trust before the end of the year that would deliver value to investors.
It has not been possible to allow any more time to implement a possible restructure, Align added.
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