Public Trust was appointed replacement trustee for Capital + Merchant Finance Ltd (in receivership and liquidation) (C+M) by the Court on 6 September 2013. A letter regarding this appointment (click the link for a PDF copy) was sent to investors on 8 October 2013.
In July 2012, Perpetual Trust, the original Corporate Trustee for C+M, applied to the High Court under S46 of the Trustee Act 1956 for the appointment of Public Trust as replacement trustee for C+M. Perpetual Trust advises that it did so because it would be conflicted by potential legal action against it by the receivers.
Frequently Asked Questions
Q) How much money can Capital+Merchant investors expect to get?
A) At this point that’s a question for the receivers. It’s important to understand that our focus as Corporate Trustee will be ensuring that actions taken are in the best interests of investors.
Everything that can be done is being done, but, based on what we know now, our appointment will not have any impact on investors getting additional money returned to them.
Q) How will you ensure the best interest of the investors is being looked after?
A) In general, part of our role as Trustee will be to monitor the actions of the receivers to ensure the course of action they choose is in the best interests of the investors. Other responsibilities we have are outlined in the trust deed and by law.
Q) What role does a Corporate Trustee play if the company is already in receivership and/or liquidation?
A) The role of a Corporate Trustee for a company in receivership or liquidation is still to ensure that actions are taken in the best interest of the investors.