Money For Living (Aust) Pty Ltd
Background Information:
George Georges and Peter McCluskey were appointed Joint and Several Administrator of the company on 26 September 2005.
Money For Living operated a widely marketed scheme, whereby properties were bought from elderly retirees at discounted price for a lump sum and/or regular montly payments plus a lifetime tenancy. Some properties were then on sold to various investors.
Current Status and Actions Required by Creditors:
At the second meeting of creditors held on 20 December 2007 a resolution was passed placing the company into Liquidation.
The Liquidators are continuing with the investigations the affairs of the company.
Retiree Court Proceedings:
The majority of parties have reached a confidential out of court settlement in relation to the scheme properties with judgement still to be delivered in relation to the remaining properties.
Next Milestone and Estimated Timetable:
1. Payment of dividend (100 cents/dollar) to priority creditors (within 1-2 months)
2. Payment of dividend (between 20 – 40 cents/dollar) to unsecured creditors (within 3-4 months)