This article is from the Australian Property Journal archive
THE Federal Court in Perth has appointed joint liquidators Shaun Fraser and James Thackray of McGrath Nicol to wind up the unregistered managed investment scheme related to the development of the Lake Coogee Estate.
The scheme was operated by Lake Coogee Estate Management Pty Ltd (LCEM), Citibond Finance & Investments Pty Ltd (Citibond) and ALB Developments No 1 Pty Ltd (ALB).
LCEM, in conjunction with Citibond and ALB, sought to develop the estate at the intersection of Fawcett and Major Roads in Munster.
In July 2005, Citibond and ALB issued an information memorandum to the investing public offering units in the Lake Coogee Estate Trust, which would fund the development of the Estate.
The Court made winding up orders in May 2007 and approved by a majority of the scheme’s investors, permitted LCEM to continue with the scheme development until completion on the condition that Fraser act as supervising accountant.
Since then, he has reported on the scheme’s progress to the Court and ASIC.
However, most recently he reported that the scheme had become insolvent and consequently secured creditors had taken possession of ALB’s land, one of the scheme’s main assets.
Because the scheme development was unlikely to be completed as originally contemplated, ASIC applied to the Court for the appointment of liquidators to manage the final and orderly winding up of the scheme.
Australian Property Journal
