“.. Strategic Finance’s trustee has appointed receivers to run the finance company.
Perpetual Trust said this afternoon PricewaterhouseCoopers partners John Fisk and Colin McCloy had been appointed receivers of Strategic Finance Limited and related companies Strategic Advisory Limited, Strategic Mortgages Limited, Strategic Nominees Limited, and Strategic Nominees Australia Limited.
Strategic froze repayments to about 13,000 investors owed $417 million in August 2008 and investors then agreed to a moratorium in December 2008.
However, in January it failed to make the first scheduled repayment to investors of 3.4 cents in the dollar, or $12m in total.
The missed payment triggered a “review event” under the moratorium and Strategic management has since been in talks with trustee Perpetual Trust about the company’s future.
“We will be talking to key stakeholders over the next few days to determine the best way forward,” Fisk said.
“As receivers of Strategic, we understand the uncertainty the recent situation has caused to investors and believe the receivership will now provide greater certainty.
It is too early to release any further details, but we are working as quickly as we can to determine the best option going forward to ensure maximised funds are distributed to investors.”
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