THE Federal Court of Australia has made final orders to wind up the last unregistered managed investment scheme setup by Primelife – closing the chapter on a five year long proceeding.
This scheme involved the Princeton View retirement facility in Brighton following proceedings brought by the Australian Securities and Investments Commission.
Justice Goldberg noted that each investor would be repaid all monies initially invested, that the retirement facility would be purchased by Primelife and that the funds from the purchase would be used to refund investors within 14 days after the purchase was finalised.
ASIC did not oppose the proposal put forward by Primelife about how the Scheme should be wound up.
The orders finalise the last of 39 Federal Court proceedings brought by ASIC in October 2004 which involved over 20 schemes, over 40 non-Primelife related defendants and over 800 investors, relating to over $108 million of investor funds.
Final orders in the proceedings have seen an average return of 94 cents in the dollar to investors across all schemes.
Australian Property Journal
