Skip to main content

Licence held by City Pacific Cancelled by ASIC

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific.

City Pacific Financial services wind-up underway

On 25 June 2009, investors in the former City Pacific First Mortgage Fund (now known as the Pacific First Mortgage Fund) voted to remove City Pacific as responsible entity of the fund, and replace it with Trilogy Funds Management. This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.
888152_f520
City Pacific Limited (CIY) Financial services - Company Profile
City Pacific was incorporated in 1997 as a financial services company, specialising in managing funds on behalf of investors. It first listed on the ASX in ...
www.investsmart.com.au/shares/asx/City-Pacific-CIY.as

A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (the remaining managed investment scheme operated by City Pacific).
Last May, the Income Fund's auditor KPMG expressed ''significant doubt about the recoverability'' of the money. Seems hard to imagine how ASIC could now do anything to ''adversely impact'' City Pacific investors.
City Pacific remains the responsible entity of a smaller managed investment scheme known as the City Pacific Income Fund. Under the Corporations Act, ASIC has the power to suspend or cancel an AFS Licence if the responsible entity holding the licence is placed into liquidation.
Ref Links: Google Baidu Search
Labels:

Comments

Post a Comment

Popular posts from this blog

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ?
Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ?Solutions :If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through.
Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity.Bank Repossesion Houses List DatabaseThese days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very rare they would but some mig…
3 comments
Read more

Bank Mortgage Repo sales

What is Repo sales?Repo sales is a slang used around the internet and sometimes even  among real estate agents for  houses or assets repossessed by the banks or  other financial institutions.Most of the time it is Houses repossession or repo done by the bank. These sort of houses that get  taken over by the bank due to default in payments  and other financial difficulties borne by the person who took the loan are called repo houses . These houses either go under the hammer at some auction or then  is given to real estate agents to get rid off in the market.Bank mortgages often go into default  due to various reasons and the bank at this part of time  repossesses the house  and puts it back into the marketIf you are examining repossession properties for sale in Australia do so with caution and do so carefully.  There are many bargains to be bagged, but ensure that you are buying through a reputable auction house and that if you are unsure of anything at any step of the way, seek profes…
Post a Comment
Read more

Boat and House repossessed by Recievers Kordamentha for saville group MD Sam Cheir

KordaMentha as the receiver of the failed Saville Property Group is divesting both the company's assets and those owned personally by principal and MD Sam Cheir.
Property developer Saville Australia has become the latest casualty of the global credit squeeze, with managing director and owner Sam Cheir losing the company’s final asset, its CBD headquarters, and his own home and luxury boat to the banks.
A luxury yacht of his has been repossessedRepossessed Luxury BoatsThe luxury 25-metre cruiser, a Sunseeker Predator 82 for which he is believed to have paid about $7 million several years ago, has been repossessed by a finance company and is also up for sale

The various projects of the Saville Australia property development arm are being sold off, along with its headquarters
Repossessed HomeA debt to Bank of Queensland will be paid after the record-breaking sale for the residential property market in Perth of Cheir's home for $A8.5mMr Cheir’s repossessed Georgian-style Peppermint …
3 comments
Read more