that raised funds to fund property-backed secured commercial loans. The total loan portfolio had a book value of over $100mill on the date of the appointment as liquidators. Our role was to undertake a realisation strategy for each of the loans in the portfolio, many of the underlying security properties were partly completed and in some cases construction building work had stopped some years ago due to the lack of funding.
As Liquidators, we commenced actions concerning negligence claims against valuers on eight loans. We successfully commenced claims for indemnity in relation to capital insurance. As a result of the above actions, approximately $20mill has been returned to creditors.
