This article is from the Australian Property Journal archive
RETIREMENT villages group Settlers Lifestyle has appointed receivers and managers, and administrators.
FTI Consulting’s Joseph Hansell, Ian Frances and John Park have been appointed to the various companies, collectively known as the Settlers Group.
It follows the appointment of Damien Hodgkinson of DEM Asia Group as voluntary administrator.
The Settlers Group operates 687 individual living units located across five villages in three states, including:
- Settlers Rockhampton (QLD);
- Settlers Forest Lake (QLD);
- Settlers Ridge Estate (NSW);
- Settlers Lakeside (WA); and
- Settlers Ridgewood Rise (WA).
FTI said it has taken control of the Settlers Group and intend to conduct the operations of the facilities on a business as usual basis, while a sale campaign for the whole group is conducted on a going concern basis.
“The receivers and managers intend to work with all stakeholders and Settlers Group service providers to ensure that there is no interruption in the delivery of services to the facilities operated by the Settlers Group or the residents.
“At this stage it is too early to provide an estimate of the amount of time it will take to complete the receivership. Timing of this process is ultimately determined by how long it takes to bring the properties to market, conduct an orderly marketing campaign and then to assess and decide upon the final offers that have been submitted.” FTI said.
