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

Comments

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 Database These 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 r...

Tips for buying Bank Repossession property

10 tips for Buying Bank acquired  Repo Property 1) Whether you’re buying a home to live in Australia or you’re buying an investment property to let out, you need to check the property in light of your expectations of it and for it.  I.e., if you’re going to be living in it, is it located in a neighbourhood that suits you, if you’re going to be renting it out, does it have the space you need, does it match your target rental market’s requirements for it? 2) Find out what the Bank value of the home is – and focus on this.  Is this a value you are comfortable paying for the property – could it be worth a lot more than the listed price? 3) Scrutinize the state of the property externally and internally.  Look at everything from the foundations to the roof, from the electrics to the plumbing.  Is there dry rot?  Termite damage?  Will you need to redecorate or renovate?  Factor in all of the extra costs you will incur if you are successful in yo...

Bernard Roux entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank

If anyone thought the Victorian businessman and founder of the Hyde Hill polo team , Bernard Roux ( Image results for Bernard Roux ) , has been quiet in the skies recently, there could be an explanation. The financial crisis appears to have affected not only MFS founder Michael King but also some of the former opponents of his Elysian Fields horse polo team.The French-surnamed entrepreneur's Eurocopter 120B is up for sale after being repossessed by the Commonwealth Bank earlier in the year.A tender for the helicopter has been called by the auctioneer Grays ''under instructions from a leading bank'', after the Roux-controlled Inchalla Nominees was tipped into administration earlier in the year. Inchalla had a $1.1 million loan taken out over the chopper. Roux's Hyde Hill polo team often competed against King's Elysian Fields team and even Jamie Packer's Ellerston. Roux runs the finance concern Fleetsmart Australia and often copped a few noise...