LM Investment Management went into administration in March 2013, with the company responsible for managing at least $750m on behalf of almost 12,000 investors across the world.
The court stated today that it had made interim orders, which include preventing Drake from selling his assets, though they do not extend to the intended sale of Drake’s Mermaid Beach, Queensland home.
William Fletcher and Tracy Knight of Bentleys, who have been appointed as joint and several receivers of Drake’s property, will be required to identify and secure all assets held by or on behalf of Drake and to report to the court.
The surplus of the sale proceeds from the sale of Drake’s home, which is expected to happen on Sunday, 29 September 2013, will go to Drake’s solicitors’ trust account and cannot be used or dealt with unless by order of the court or agreement with ASIC.
If the property does not sell, this asset will be further dealt with by the court on 9 October 2013, when a further decision will be made on whether to maintain the interim orders that have been made.
ASIC’s investigation into the collapse of LM Investment Management is looking at the conduct of the directors and the management of the various managed investment schemes and transactions with related companies.
To read about how the LM Managed Performance Fund investors were warned of a possible 95% loss, click here.
To read about LM Investment Management founder Peter Drake telling his side of the story, hitting back in August at the Advisers Committee for Investors and other critics, click here.
