Re: Octaviar MFS Premium Income Fund PIF
MFS MONEY TRAIL::http://www.smh.com.au/business/debt...ubai-to-new-poetic-heights-20091129-jysf.html
Creditors of the collapsed MFS Limited (aka Octaviar) are expected to push tomorrow for the liquidator of the Gold Coast finance group to dig deeper into transactions undertaken by the group before its collapse and when it was in the hands of its former administrator Deloitte.
Of particular interest are the $940,000 in consultancy fees paid by MFS to a firm set up by the group's former chief financial officer, David Anderson, over an 11-month period when it was under the control of Deloitte.
A nine-member committee representing creditors of the fallen investment group will hold a meeting in Brisbane tomorrow to discuss the next steps they want the court-appointed liquidator, Bentleys Corporate Recovery, to take.
Last week Bentleys issued an update to the Australian Securities and Investments Commission that estimated the group had $2.24 billion of liabilities. Heading Bentley's list of reasons for MFS's collapse: ''Poor strategic management of business.''
Some creditors are also believed to be interested in the $2 million-odd in wages paid out by Deloitte when it was in charge, even though the company was running on a skeleton crew.
One of the crew members is believed to have been Craig Chapman, who was appointed chief executive when the former MFS shareholder Chris Scott led a management and board coup of the company. Scott also happens to be a former colleague of one of the creditor committee members meeting tomorrow, Jenny Hutson. Her firm Wellington Capital took management control of MFS's Premium Income Fund early last year, which happened to be owed money from its parent MFS.
Other transactions that may attract interest are the payments to a Gold Coast document shredding business, Shred X Pty Ltd. Deloitte took more than $1 million in fees.
MFS MONEY TRAIL::http://www.smh.com.au/business/debt...ubai-to-new-poetic-heights-20091129-jysf.html
Creditors of the collapsed MFS Limited (aka Octaviar) are expected to push tomorrow for the liquidator of the Gold Coast finance group to dig deeper into transactions undertaken by the group before its collapse and when it was in the hands of its former administrator Deloitte.
Of particular interest are the $940,000 in consultancy fees paid by MFS to a firm set up by the group's former chief financial officer, David Anderson, over an 11-month period when it was under the control of Deloitte.
A nine-member committee representing creditors of the fallen investment group will hold a meeting in Brisbane tomorrow to discuss the next steps they want the court-appointed liquidator, Bentleys Corporate Recovery, to take.
Last week Bentleys issued an update to the Australian Securities and Investments Commission that estimated the group had $2.24 billion of liabilities. Heading Bentley's list of reasons for MFS's collapse: ''Poor strategic management of business.''
Some creditors are also believed to be interested in the $2 million-odd in wages paid out by Deloitte when it was in charge, even though the company was running on a skeleton crew.
One of the crew members is believed to have been Craig Chapman, who was appointed chief executive when the former MFS shareholder Chris Scott led a management and board coup of the company. Scott also happens to be a former colleague of one of the creditor committee members meeting tomorrow, Jenny Hutson. Her firm Wellington Capital took management control of MFS's Premium Income Fund early last year, which happened to be owed money from its parent MFS.
Other transactions that may attract interest are the payments to a Gold Coast document shredding business, Shred X Pty Ltd. Deloitte took more than $1 million in fees.