The Australian arm of ailing property investor Bridgecorp Group has been placed into voluntary administration.
PricewaterhouseCoopers said today it had appointed voluntary administrators to nine companies in Australia that are part of the trans-Tasman organisation.
Bridgecorp's New Zealand operations were placed in receivership on Monday after failing to
meet loan repayments.
Receivers from Ferrier Hodgson were appointed to one of the Australian companies -- Bridgecorp Finance Ltd -- last night.
PwC partners Phil Carter and Stephen Longley have been appointed as voluntary administrators to the nine Australian companies, which include Bridgecorp Holdings Ltd, Bridgecorp Finance Ltd, Bridgecorp Australia Ltd and Bridgecorp Properties Ltd.
"We are in the process of assessing the group structure, the funding, assets and creditors," Mr Carter said today.
"We will be working closely with both Ferrier Hodgson and PwC New Zealand."
The first meeting of creditors associated with the nine companies will be held next Wednesday, July 11.
According to the Australian Securities and Investments Commission, the North Sydney-based Bridgecorp Finance Ltd, has about A$24 ($26.65) million of investor funds.
The New Zealand-based Bridgecorp Ltd owes around 1,800 New Zealand investors about $500 million.
Bridgecorp Finance Ltd was blocked from raising more funds from retail investors by ASIC in February.
Bridgecorp is the fourth Australian property developer to go into administration in the last two years, following Westpoint, Fincorp and Australian Capital Reserve.
The National Seniors Association today called for tougher regulation of the property investment industry.
- AAP
