This article is from the Australian Property Journal archive
THE Australian Securities and Investments Commission has cancelled the Australian Financial Services licence (AFS Licence) held by Teys Property Funds Limited.
Teys, now known as TPFL Ltd is under external administration. It is the responsible entity of 11 property and mortgage funds.
On March 05 Teys was placed into the hands of administrators Adam Shepard of Setter Shepard.
ASIC made that decision following concerns that Teys may not have complied with, and may not comply with, its obligations under the terms of its AFS licence.
In deciding when to exercise that power, ASIC has primary regard to the interests of investors in any fund operated by that responsible entity.
The cancellation of Teys AFS licence is subject to a specification that it continues to the extent necessary to enable Teys, under the control of the external administrator, to take steps to wind up its property and mortgage schemes.
Australian Property Journal
