Primelife schemes wound up

The Federal Court has made orders for the winding up of unregistered managed investment schemes associated with Primelife.

The schemes were established to invest in a proposed Primelife retirement village and aged care facility in Port Melbourne, the Port Albert Scheme, and a newly completed aged care facility at Werribee, the Glendale Scheme.

There facilities were developed and operated by Primelife.

Primelife’s managing director John Martin said the winding up of the Glendale Scheme will not have any impact on the day to day operations of the new Orden Aged Care Facility at Werribee.

The winding up of the Glendale scheme will involve a court approved proposal for the realisation and distribution of the remaining scheme assets to the investors in the scheme.

Meanwhile, at the request of the Australian Securities and Investments Commission and in the absence of an agreed winding up proposal, the court appointed Andrew McLellan of PPB Chartered Accountants as custodian, trustee and liquidator for the winding up of the Port Albert Scheme.

Australian Property Journal