A $160m managed investment scheme which held a significant property portfolio and had ongoing developments on the Gold Coast has been tipped into liquidation.
Creditors voted to wind up Australian Fiduciaries Limited (AFL) and 22 other companies within the scheme at a meeting late on Friday.
Since February 2020, approximately 600 individuals and couples poured $160m of their retirement nest eggs into the scheme, which went into voluntary administration in early July, alongside a separate Australian Securities and Investments Commission investigation.
Liquidators from SV Partners will continue investigating the scheme and finalise selling off the companies’ assets.
As revealed by the Bulletin on Thursday, at least $48.7m was loaned to other related companies which are now in liquidation, from which liquidators believe recoveries are unlikely.
A number of AFL’s entities operated as investment vehicles for property developments on the Gold Coast, and elsewhere in south east Queensland.
AFL’s development projects varied in scale, but mainly consisted of specialist disability accommodation buildings, which upon completion were leased out to NDIS providers and their clients.
Other projects on the Gold Coast included plans for a…