PPB Advisory, the liquidator for Trio Capital-linked funds, has said all avenues to retrieve creditors' funds have been exhausted and PPB plans to deregister the funds, unless the corporate watchdog intervenes.
Following a meeting with creditors in Sydney last week, PPB Advisory director Brett Manwaring told ifa that everyone in attendance acknowledged that the liquidator had "attempted" all means to recover investors' funds from the Trio-linked schemes.
"We have outlined to everyone it is our intention that that process [will be] concluded over the next four months," he said.
The liquidator will move to "wind up and de-register" all schemes for which Trio remains the responsible entity, as well as the company itself.
Mr Manwaring said that if ASIC, authorities or government intervened to extend the liquidator's role, PPB would reconsider this move.
"But at some stage we need to bring things to finality," he said.
Victims of Financial Fraud (VOFF) vice-president Paul Matters told ifa he believed PPB was being forced to wrap up its work because the liquidator's funding from ASIC had run out.
"We're intending to [get] ASIC to continue funding PPB Advisory [since the initial funding provided] wasn't sufficient to fund the investigation," Mr Matters said.
ifa understands that VOFF and PPB Advisory are meeting this week to discuss any further actions that can be taken.
ASIC was contacted by ifa for comment, but has not yet responded.
Trio Capital, which collapsed in 2009, saw the loss of investors’ retirement savings.
A number of individuals involved in the management of the Trio-linked funds have been convicted and banned for fraudulent activities and theft of investors’ funds of over to $170 million.
SUBSCRIBE TO THE IFA DAILY BULLETIN
21 Nov 2017Carwardine Financial completes compliance reviewBy Staff Reporter
21 Nov 2017Benchmark goes into liquidationBy Aleks Vickovich
21 Nov 2017Goals-based retail super product launchedBy Staff Reporter
21 Nov 2017DomaCom strikes deal with Moody’s AnalyticsBy Staff Reporter
21 Nov 2017Netwealth lists on ASXBy Tim Stewart
21 Nov 2017Perpetual announces departure of CEOBy Staff Reporter
- view all