Business Services Industry
ACR investors may salvage 60c.
Australasian Business Intelligence, June, 2007
Byline: Michael West
Jun 03, 2007 (The Australian - ABIX via COMTEX) -- Accounting firm McGrath Nicol is about to hold creditors' meetings on 4 June 2007 as administrator for Australian Capital Reserve (ACR). Some 7,000 small retail investors affected by the collapse of the property investment firm will be paid after the banks who are the secured creditors have received their funds, and some sources say the payout may be around the range of $A0.60 to $A0.70 in the dollar. Adelaide Bank has named its own receiver relating to $A2m in ACR debt, but this will be covered easily by $A8m in real estate assets. Trust Company will follow suit with the appointment of its administrator soon.
Publication Date: 2 June 2007
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