24 Jun 2011

St Laurence to go into liquidation

9:44 pm on 24 June 2011

St Laurence Property Development Fund will be placed into liquidation at the end of the month, when it fails to repay more than $24 million owed to investors.

The trustee, Perpetual Trust, says the directors have written to investors saying the fund can't repay the $18 million worth of bonds due on 30 June, and more than $6 million of interest in arrears.

Perpetual agrees with that, but it has taken issue with the rest of the letter, which proposes alternative options to appointing a liquidator.

The trustee says the options raised by the directors, who include Kevin Podmore, are not possible, or have been misrepresented, and investors have been given incorrect information.