The 468 secured investors of LDC Finance are to receive repayment in full of their capital investment plus a partial interest distribution, in total $4.9 million. This follows a negotiated settlement with the Finance & Investments Partnership and further realisation of assets by the Grant Thornton receivers Messrs Simpson and Ruscoe.
Richard Simpson and David Ruscoe were appointed replacement receivers for the Company in July last year when the PriceWaterhouseCoopers receivers resigned following the High Court decision to award funds of $9 million held by LDC to Finance and Investments investors. An appeal had been lodged against this decision but following the negotiated settlement, the appeal has been withdrawn.
“This has been a long process for investors, but we are pleased to advise that the 468 secured investors will receive all the capital they invested and partial interest in early September,” said the receivers Richard Simpson and David Ruscoe.
Our task on behalf of secured investors is now complete”, concluded Grant Thornton’s Messrs Simpson and Ruscoe.
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