LM acted as the responsible entity for a series of mortgage and investment funds. Following a series of underperforming investments, and poor provisioning, Voluntary Administrators were appointed, and secured creditors appointed Voluntary Administrators. Receivers were appointed by the secured creditors of the fund.
The Receivers:
- Undertook a detailed review of the property portfolio, engaging valuers and advisers;
- Took steps to streamline appointments where necessary;
- Engaged with other funds to ensure duties and responsibilities were appropriately managed;
- Prepared a project plan to ensure existing staff were properly engaged on completing projects and marketing properties;
- Worked with an ASIC Appointed Receiver to ensure that duties and responsibilities were streamlined.
The Receivers were able, in a short period to accumulate a fund to repay the Secured creditor in full.