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Equititrust?

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Ho hum another one bites the dust just Add sic and move right along nothing to see move on tho the next one be here any day soon
More decent Aussies lose their savings thinking they loot is protected by Fed laws.
 
Re: Running on Empty KARMA

McIVORS favourite rant was "he is stealing my oxygen"..... McIvor will need to carry a oxygen bottle with him at all times if Karma has anythgng to do with it

No Trust said:
It looks like receiver David Whyte's cost cutting has starved the now dead Equititrust of its illegitimate life blood... When you review his report he outlines how expenditure actually went up to $6M when Equititrust were no longer allowed to collect its management fee. An actual increase over the $4M odd management fee previously collected, what a joke, $167M in losses to June 30 2011 and expenditure had jumped. For what??? Funding someone's luxurious lifestyle whilst Innocent retiree investors rot.

This had to come to an end and now Equititrust is in the same dodgy spivvy club as Gold Coast failures MFS, City Pacific and Asset Loan... Quite an embarrassing collapse for its founder...

Seriously what was McIvor thinking bringing in the old MFS boys, it was not a good Omen and a seriously bad judgement call.

However some pundits are saying that this collapse also had something to do with the founder's personal Karma. The universe is actually quite perfect, every action has a reaction. The collapse was chiselled in stone some time back... Innocent people sometimes don't have to fight back, the universe settles those injustices for them over time.
Click to expand...
 
Audited Financials

Despite McIvor's promises, it looks as though the audited financials will not be completed... With the company in administration / insolvent. Who will pay KPMG ???

Expect a run of further insolvency appointments by the banks now that the company has gone bust...

It seems the appointment of administrators to Wirrina Cove in SA was a parting shot at the receiver David Whyte... More information will follow in the coming weeks for sure as this disaster unfolds...
 
Equititrust Insolvent

As usual no update on the website regarding the appointment of administrators...

Investor's need to know what is going on...
 
Whats Going On

The general Public is aware now that Equititrust has collapsed... As of the 15th of January Administrators have been appointed due to insolvency it seems form the ASIC filing.

The investors however are none the wiser, no statements from anyone on who is in control now and what impact this collapse will now have on the income funds which also have exposure to massive cross collateralised debts. Will this now mean a lower rate of return to the investors than previously predicted by David Whyte the receiver???

Some clarity on whats going on is essential...

What is humerous though is that over the past year information has been hidden by Equititrust and if it were not for this thread exposing loans to King Con etc and the tenacity of Colin Kruger from the Sydney Morning Herald(who by the way is considered a hero by investors), a lot more would have been kept from investors. In fact if it were not for Colin Kruger, a lot more would have been taken via the totally deceptive 50M Capital raising that current investors were being encouraged to invest in... The mind boggles.............
Then McIvor and his band of incompetent stooges got pissed off when the media started asking questions... Well there will be a lot more questions and a media flood light on these guys over the coming months... Questions will be asked of all of them as to why the audited financials were not and are still not completed... What is being hidden that is so BAD. Fantasy Financials or ass covering in light of the class action???

The board at the time are all culpable in witholding the audited accounts from both the regulator and more importantly the innocent investors...

STOP THE GAMES AND RELEASE THE AUDITED FINANCIALS...
 
Class Action Antics

One can just imagine the excuses and buck passing that will go on at the hearing by current and former directors (stooges) named in the class action...

None of them thought the class action would get off the ground and now surprise surprise they all face months if not years in court... Quite a fitting end to a mob who did not give a damn about investors...

From the performance of this touted team of talent not one cent of value was added to any of the assets. It will be interesting to see how much each of these so called directors were paid to sit on this sorry board... Out of self respect each and every one of them should return every cent they received for sitting on this board; losses of $167M to June 30 2011 is a disgrace and not deserving of any director's fees...

Lets see how many of them have the balls to do the right thing...
 
Extracted from ASIC's database at AEST 17:58:47 on 20/02/2012
Name EQUITITRUST LIMITED
ACN
061 383 944
ABN
74 061 383 944
Type Australian Public Company, Limited By Shares
Registration Date 18/08/1993
Next Review Date 18/08/2012
Status ** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office Surfers Paradise QLD 4217
Jurisdiction Australian Securities & Investments Commission

Former Name(s) EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date Number Pages Description
20/02/2012 7E4286099 2 505B Notification of Appointment of Receiver And Manager
15/02/2012 7E4277681 2 505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)
31/01/2012 7E4245817 2 484E Change to Company Details Appointment or Cessation of A
Company Officeholder
 
Administrator didnt last too long

Well well well, it seems the administrator didn't last too long... 5 days An ASIC search today revealed that the administrator was Hall Chadwick... Coincidence ?? Same administrator that McIvor appointed without authority in South Australia... What was he trying to achieve ??? Well he achieved something he got thumped across the head with a knockout blow and had a receiver appointed. THE END


Looks like either one of the banks or ASIC had enough and moved swiftly on this joke of an operation... And rightly so, everyone has had a gutful of these games...

Hopefully investors will now get the audited financials and David Whyte can get on with the job unfettered... Finally some sense has prevailed...
 
Good spotting Zencorp

zencorp said:
Extracted from ASIC's database at AEST 17:58:47 on 20/02/2012
Name EQUITITRUST LIMITED
ACN
061 383 944
ABN
74 061 383 944
Type Australian Public Company, Limited By Shares
Registration Date 18/08/1993
Next Review Date 18/08/2012
Status ** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office Surfers Paradise QLD 4217
Jurisdiction Australian Securities & Investments Commission

Former Name(s) EQUITILOAN LTD
EQUITILOAN PTY LTD
M C MORTGAGE MANAGEMENT PTY LTD

These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date Number Pages Description
20/02/2012 7E4286099 2 505B Notification of Appointment of Receiver And Manager
15/02/2012 7E4277681 2 505U Notification of Appt of Administrator Under S.436a, 436b,
436c, 436e(4), 449b, 449c(1), 449c(4) or 449(6)
31/01/2012 7E4245817 2 484E Change to Company Details Appointment or Cessation of A
Company Officeholder
Click to expand...
 
Hall Chadwick Ousted - New Receivers Appointed

Hall Chadwick Ousted Receivers Appointed

There was a initial meeting of the creditors scheduled for the 27th of February at the Gold Coast Convention Centre Broadbeach at 11.00am as per the Media Release below..

Now that a receiver has been appointed this meeting will not occur... The Bank Appointed Receiver is IN CONTROL NOW...

They even talk of the company continuing in existence in this stupid media release??? There is no existence for Equititrust, its dead as dead can be... The banks should be congratulated for appointing receivers...

McIvor was trying every trick in the book by appointing Administrators friendly to his cause... He tried this trick with the Responsible entity and the receivership of the funds...It didn't work because INDEPENDENCE is the key... He failed again here and the banks have appointed independent receivers effectively side lining McIvor for good. What’s he going to do now sue the banks for appointing a receiver whilst he is in default... "Mark, you are aware you are in default" it’s not a nightmare but a reality, effectively one in the same...

Let’s hope the receiver claws back those intercompany loans detailed by Vincent in his affidavit, McIvor's personal and business interests as usual are intertwined, only difference this time it has actually been caught out... The Westpac receiver of MM Holdings and the Equititrust Receiver will have a lot to talk about ... The litigation may go on for years. But at least the truth will finally come out...

Adios Amigos the investors "kiss" you farewell...


http://www.hallchadwick.com.au/news/Equititrust Limited Appoints Hall Chadwick as Administrators.pdf
 
3 Receivers and Counting

What a Train Wreck, 3 separate receivers appointed to date and McIvor completely side lined from the company and the 2 income funds... ABOUT TIME

If he thought last year was an "Annus Horribilis" This Year will be "Annus Horribilis" x 100 when the Class Action commences...

Time for the truth to come out, investors look forward to seeing McIvor and his mate "King Con" in court explaining themselves...
 
ASIC search will confirm today.. Did NAB OR WESTPAC hammer the final nail in the coffin???
 
Kostag, you were spot on from the very beginning... You starting this thread has unravelled a lot of truth that Equititrust tried to hide...
 
Lock out

Let's hope McIvor is finally locked out of the offices today and files preserved. The receivers should also take a look at files at 1 Southern Cross Dr as well as any self storage units around the Gold Coast. All this information will be very important in any discovery as part of the Class Action...
 
PIPER ALDERMANN

the very aggresive Amanda Banton and her team at Piper Alderman have not been doing nothing - in the next two weeks, action will start.

In a way, the sooner that all property losses are quantified, the better. This will enable Piper Alderman to increase their claim against officers and PI insurers - therein, a better chance of return to ravaged investors.
 
Office Shut Down

Looks like the receivers have shut down the office. Investor's trying to call today received a recorded message.

The receiver should make McIvor the receptionist and take calls from disgruntled investors...

What a fiasco...
 
Misconduct

What a damning report, it is mind boggling that a whole chapter (4) is dedicated to McIvor's lack of cooperation and misconduct...

If McIvor cared so much about the investors why is he trying to have 2.8M in management fees reinstated that he waived early last year as a member of the board...

How on earth could those fees be payable for the mismanagement that took place and the losses that investors have suffered at his hands. Investors have not received any income and yet the "follically faded" - "delusional" one wants $2.8M to fund his luxury lifestyle...

It seems that David Whyte has experienced first hand what we have all be alluding to for over 1 year... The real McIvor has been exposed in the receiver's report... All the pontification of being at one with the investors was a load of crap when you see the self interest and incompetence detailed in David Whyte's report.

McIvor's lack of knowledge of the funding arrangements at Wirrina cove is eye watering stuff and an indication of being asleep at the wheel before the ship hit the rocks...

The connection to MFS and assignment of loans in 2010 in the report is also interesting stuff... Was this the reason the Ghosts of MFS were brought in ???

The truth is finally coming out...
 
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