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McGrathNicol > administrations > property developers fund limited
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corporate advisory

McGrathNicol
Corporate Advisory is a leading advisory practice providing capital
restructuring, cash management, turnaround execution, distressed M&A,
lender advisory services, business valuations, government advisory services and
insurance advisory.
forensic

McGrathNicol Forensic provides legal firms, businesses and the
government sector with a range of Forensic accounting services; dispute
advisory, forensic technology, investigation and fraud risk management.
transaction
services

McGrathNicol Transaction Services provides a complete range of services;
acquisition due diligence, sell side assistance and pre sale due diligence,
pre-lending due diligence, deal and negotiation support, forecast assessment
and evaluation, transaction project management and post deal integration.
corporate
recovery

McGrathNicol Corporate Recovery is a market leader
with extensive experience in providing voluntary administrations and deeds of
company arrangement, receiverships, creditors voluntary liquidations, members
voluntary liquidations and court liquidations.
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Engagement Summary
William James Harris and John Patrick Cronin were appointed
voluntary administrators of Property Developers Fund Limited
(“PDFL”) for
the period from 24 November 2006 to 7 May 2007.
As a result of applications brought by ASIC and the
administrators that were heard on 8 May 2007, the Supreme Court of Queensland
ordered that PDFL be wound up on just and equitable grounds. The former administrators, William James
Harris and John Patrick Cronin, were appointed as liquidators of PDFL.
PDFL raised funds through the issue of redeemable preference
shares and provided finance for property developments.
The liquidators will shortly provide further information to
creditors and shareholders of PDFL regarding the proposed strategy for the
conduct of the winding up.
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Kasey Rowland
t: +61 7 3333 9856
e: krowland@mcgrathnicol.com
o: Brisbane
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