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
- 22 Sep 2017ASIC permanently bans unlicensed SMSF spruikerBy Staff Reporter
- 22 Sep 2017Advisers recognised at Women in Finance AwardsBy Staff Reporter
- 21 Sep 2017Advisers not fully aware of LIF impacts: ZurichBy Staff Reporter
- 21 Sep 2017Red tape forces SMEs to cut staffBy Adam Zuchetti and Aleks Vickovich
- 21 Sep 2017Bitcoin 'dangerous and speculative', says MagellanBy Tim Stewart
- 20 Sep 2017ANZ calls for adviser transparencyBy Killian Plastow
- view all